Debt crisis threatens developing economies, UN officials warn

Joseph Stiglitz, Economist

Joseph Stiglitz, Economist

Developing countries risk being seriously affected by the debt crisis in affluent societies, two top United Nations economic bodies have warned.

The General Assembly's Second Committee, which deals with economic and financial issues, held a joint session with the UN Economic and Social Council (ECOSOC).

Delegates discussed growing fears of a double dip recession, and cuts in aid that could impede efforts to fight poverty, hunger and disease worldwide.

They called on the UN to take a lead role in forging a global economic policy.

Joseph Stiglitz, US Professor of International Affairs at Columbia University and the 2001 Nobel Economics Prize laureate also addressed the meeting.

"25 million Americans who would like a full time job cannot get one, in an economy that is supposed to have one of the most flexible labour markets in the world. Flexibility did not solve the problem. Many Americans have continued to lose their homes."

Duration: 20''

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