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UN report says COVID-19 led to unprecedented income destruction in developing countries

Sumary of UN report says COVID-19 led to unprecedented income destruction in developing countries:

  • According to the latest report by UN Conference on Trade and Development, the global economy is set to grow by 4.7 percent but governments will have to keep the support coming as COVID-19 will have lasting economic consequences…
  • impact of the COVID-19 pandemic led to the “destruction of income on an unprecedented scale”, with people in developing countries particularly hard hit…
  • The upwards revision factors in an expected boost in US consumer spending on the back of progress distributing COVID-19 vaccines and a vast stimulus package, the report said….

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