Anticrisis plan: global best practices — a dedicated web portal of the Roscongress Foundation — and the ROSCONGRESS.ORG Information and Analytical System have published a summary of the UNCTAD (United Nations Conference on Trade and Development) report on the impact of the COVID-19 pandemic on economies of developing countries.
‘The Covid-19 Shock to Developing Countries: Towards a «whatever it takes» programme for the two-thirds of the world’s population being left behind’ states that in 2020 the global economy will fall into recession. The loss of global income is expected to reach trillions of US dollars due to the coronavirus pandemic.
Developing economies will find themselves in serious trouble, with potential exception of India and China. UNCTAD estimates financial deficit in developing countries in the next two years to reach USD 2–3 trillion. According to UNCTAD, the economic shock hit developing countries at an unprecedented rate, even by standards of the global economic crisis of 2008.
Since two-thirds of the world’s population live in developing
countries and face unprecedented economic loss as a result of the COVID-19
crisis, the UN calls for economic rescue packages worth USD 2.5 trillion to
help those countries. In the face of the upcoming financial crisis, UNCTAD
proposes a four-point recovery plan that includes injecting USD 1 trillion in developing
countries with the most vulnerable economy; debt relief programmes for the
world’s poorest economies; capital controls; and Marshall Plan for Health
Recovery worth 500 USD billion financed through missing Official Development
Assistance (ODA). This aid has been long promised by donor countries that failed
to deliver on their commitments.
Anticrisis
plan: global best practices is a dedicated web portal
launched by the Roscongress Foundation. It is meant to consolidate existing support
measures for businesses and general public during the spread of coronavirus, as
well as plans to restore economies after the pandemic is over. This project
offers daily updates on federal and regional measures in Russia and abroad, as
well as noteworthy business practices and grassroot initiatives.
