Global economic recovery continues to be sluggish, says UN chief

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Ban Ki-moon. UN Photo/Mark Garten (file)

World leaders have been warned by the UN Secretary-General that too much is at stake to risk the world economy falling into a stagnant growth path in the longer run.

Ban Ki-moon on Monday spoke at a special high-level meeting of the UN Economic and Social Council (ECOSOC) with the World Bank, the International Monetary Fund, the World Trade Organization and the UN Conference on Trade and Development.

Ban Ki-moon said the global economy continues to be sluggish and has been hampered by new challenges, such as conflicts in different parts of the world.

Cathrine Hasselberg reports.

The UN Secretary-General called for identifying and tackling the root causes of high youth unemployment which he said is widespread in many countries.

Ban Ki-moon added that policy measures are needed to increase formal employment and close the gender gap in labour markets.

Mr Ban said the International Conference on Financing for Development, to be held in Addis Ababa, Ethiopia in July, provides a chance to devise a new international financial framework for sustainable and inclusive development.

He said three outcomes should be sought in that conference, the first being a cohesive and holistic financing framework for sustainable development.

"Second, concrete deliverables, particularly in crucial areas such as infrastructure, agriculture, social needs, and support for small- and medium-sized enterprises. And third, a strong follow-up process to ensure that no country is left behind. This follow-up needs to be based on technical expertise and the participation of the institutional stakeholders gathered here today." (27")

The Secretary-General said that a stable, inclusive economy is necessary but not sufficient for sustainable development.

He stressed the need to ensure the availability of the required resources for sustainable development at all levels – national, international, public and private.

Cathrine Hasselberg, United Nations.

Duration: 1’22″

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