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Poorest countries will suffer most from Covid downturn, says UN

Sumary of Poorest countries will suffer most from Covid downturn, says UN:

  • The UN has said the poorest and most vulnerable countries will be the biggest losers from a pandemic downturn that will leave the global economy nursing $10tn (£7.2tn) of losses by the end of the year…
  • Despite becoming the latest international body to revise its growth forecast for 2021 upwards, the UN conference on trade and development (Unctad) said there were signs the pandemic would end with pre-crisis problems unresolved…
  • It said in its half-yearly update to its trade and development report that it expected the global economy to expand by 4.7% this year, up from the 4.3% it predicted six months ago…
  • It added, however, that the global economy would be more than $10tn smaller by the end of 2021 than it would have been had it continued on its pre-crisis trend…
  • Underlying problems – inequality, indebtedness and a lack of investment – had been made worse by the crisis, it said…
  • Uneven recovery from Covid recession could hit poorer countries hard | Kenneth Rogoff “The brunt of the hit to the global economy is being felt in developing countries with limited fiscal space, tightening balance of payments constraints and inadequate international support, Unctad said….

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