Virtual Press Briefing - Launch of World Economic Situation and Prospects (WESP)

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13-May-2020 00:37:55
Press Briefing by the United Nations Department of Economic and Social Affairs (DESA) to launch the World Economic Situation and Prospect (WESP) mid-year report update.

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Against the backdrop of the raging COVID-19 pandemic, the world economy in 2020 is projected to shrink by 3.2 per cent, racking up some $8.5 trillion in overall losses – wiping out nearly four years of output gains, according to a mid-year economic analysis by the United Nations.

In its World Economic Situation and Prospect (WESP) report update, launched on Wednesday, the UN Department of Economic and Social Affairs (DESA) said that as of mid-2020, the gross domestic product (GDP) in developed countries will plunge to -5.0 per cent, while the output of developing countries will shrink by 0.7 per cent.

“The global economic outlook has changed drastically since the launch of WESP 2020 in January”, observed Elliott Harris, UN Chief Economist and Assistant Secretary-General for Economic Development.

The coronavirus has unleashed a health and economic crisis, unprecedented in scope and magnitude, with lockdowns and border closures paralyzing economic activity and laying off millions of workers globally.

“With the large-scale restrictions of economic activities and heightened uncertainties, the global economy has come to a virtual standstill in the second quarter of 2020,” he added. “We are now facing the grim reality of a severe recession of a magnitude not seen since the Great Depression.”

Meanwhile, to fight the pandemic and minimize the impact of a catastrophic economic downturn, Governments globally are rolling out fiscal stimulus measures that equal roughly 10 per cent of the world’s GDP.

The UN forecast makes clear that stronger multilateral support and solidarity to contain the pandemic, along with economic and financial assistance to countries hardest hit by the crisis, will remain “critical for accelerating recovery and putting the world back on the trajectory of sustainable development”.

For further details please see SOURCE below.
UN NEWS

For the full report please see SOURCE below.
WESP Report
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