scoop.co.nz 18 Mar, 2021 19:15 am

No Winners But Fewer Losers In Global Economy From COVID Than Expected

No Winners But Fewer Losers In Global Economy From COVID Than Expected
The COVID-19 pandemic seriously impacted all economies around the world last year, with trillions of dollars of lost earnings, UN trade and development experts UNCTAD said on Thursday, before highlighting how several countries also showed unexpected ...

The COVID-19 pandemic seriously impacted all economies around the world last year, with trillions of dollars of lost earnings, UN trade and development experts UNCTAD said on Thursday, before highlighting how several countries also showed unexpected resilience, too.According to trade and development body UNCTAD, the global economy posted its sharpest annual drop in output since records began to be aggregated in the 1940s, “with no region spared”.8 trillion, and with already vulnerable parts of the population bearing the brunt”, according to UNCTAD’s Trade and Development report.The UN body cited concerns nonetheless that more volatility may be emerging, particularly in markets of some agricultural commodities, with a threat to food security in several countries It also noted that losses in global growth ‘will persist as even the most optimistic projections for the bounce back of growth will not cover the shortfall of income for several years”.

For 2021, UNCTAD announced global growth of 4.4 per cent better than the forecast in mid-2020 - that was largely owing to stronger performances in China and the United States.

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