Launch of New Report by United Nations High-level Advisory Board on Economic and Social Affairs

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22-Jul-2020 01:24:47
Senior UN officials, Nobel laureates and eminent academic experts, gather virtually for the launch of a new report recommending “an adjusted approach” to economic development, and a policy dialogue exploring how countries can recover from COVID-19, in ways that lead to real structural transformation.

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“Parallel threats linked to health, economic and social crises have crippled countries and left us at a standstill”, said Liu Zhenmin, Under Secretary-General for Economic and Social Affairs (DESA), as he presented the new report by the High-level Advisory Board on Economic and Social Affairs.

Titled “Recover Better: Economic and Social Challenges and Opportunities”, it analyses economic trends critical to the achievement of the Sustainable Development Goals (SDGs) and recovery from COVID-19.

Among its recommendations is a greater focus on the environment, he said, as well as promotion of research and development, investment in infrastructure and education, and improvement in economic equality.

“Overcoming the crisis and getting back on track to achieve the Sustainable Development Goals will require a strengthened multilateralism”, he said. COVID-19 has laid bare how much leadership, foresight and collaboration among all Governments and stakeholders, matter.

In a video message, UN deputy chief Amina Mohammed, said as many as 100 million people are expected to be pushed back into extreme poverty in 2020 – the first rise in global poverty since 1998.

“We need all hands on deck if we are to rebuild our economies sustainably and inclusively”, she assured. Noting that the report calls for better international tax cooperation and more equitable access to digital technologies, she said the sustainable management of natural resources, and value-added approaches to trading goods, will also be critical.

During two policy dialogues, 12 experts wrestled with whether the world is currently in a recession and if so, what it will take to recover in ways that can thoroughly reform underlying vulnerabilities.

“There is no trade-off between economic efficiency and equality”, said Alicia Barcena, Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), who contributed a chapter on the topic.

During a panel on the theme, “Ensuring a sustainable recovery through more inclusive and strengthened multilateralism”, she underscored the urgent need for structural change. Between 2000 and 2010, 60 million people in Latin America and the Caribbean moved out of poverty. Now, 45 million risk being pulled back in.

Ricardo Lagos, former President of Chile, suggested the creation of an internationally binding agreement on pandemics, forged under the auspices of the World Health Organization (WHO).

Along similar lines, Marcel Fratzscher of research institute DIW Berlin, said that on 21 July, European countries agreed to establish a €750 billion ($850 billion) recovery fund, transferring resources from stronger to weaker countries with the goal of rebuilding Europe.

Others drew attention to the significant drop in global trade, which Merit Janow, Dean of Columbia University’s School of International and Public Affairs, said was occurring in the context of growing nationalism, geopolitical tensions and strain around multilateral institutions - all of which underscores the vulnerability of global supply chains.

In a second discussion on “Assessing the state of the global economy and recovery pathways”, Cristina Duarte, the Secretary-General’s Special Adviser on Africa, who is the former Minister of Finance, Planning and Public Administration of Cabo Verde, said that for Africa, recovering better requires a look at why, after 25 years of uninterrupted growth, systems are still lacking.

Heizo Takenaka of Toyo University, said Japan’s experience with COVID-19 revealed the need to carefully consider the governance systems in place during an emergency. “We should be very careful about the possibility of asset inflation from here on, considering that monetary authorities are applying a huge amount of money in many countries.”

Broadly speaking, Nobel economist Joseph Stiglitz said that at a moment when more global cooperation is badly needed, strong forces are fraying the global economy.

While the “Trump-kind of protectionism” will go by the wayside, he argued, the deeper problem is that supply chains have not been resilient and instead made countries more vulnerable.

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