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The new portal monitors the impact of COVID-19 on business, development – KBC

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Global economic recovery from COVID-19 continues and unequal distribution of vaccines will affect the country’s ability to recover from the crisis, UNCTAD warned on May 4 at a new port monitoring the impact of the epidemic on trade and development.

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The portal seeks to increase policy makers’ awareness of the various effects of the epidemic and to help them formulate appropriate recovery policies.

“As countries and the international community formulate recovery policies to help build a stable and inclusive and sustainable economy, modern analysis is essential,” UNCTAD Acting Secretary-General Isabelle Durant said.

“Mistakes of past problems, such as the 2008 financial crisis, must be avoided.”

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According to the port, the world economy is recovering faster than previously expected. It is projected to grow by around 5% by 2021, a growth rate that has not been seen for more than a decade. But the restoration is unequal.

Developed countries will experience a much more significant setback in GDP growth than developing countries, leading to concerns about further widening the gap between rich and poor nations.

Vaccines divide the risks of increasing equality

The growing gap between the number of COVID-19 bullets fired in developed and developing countries is likely to exacerbate existing economic and economic inequalities, UNCTAD warns.

According to the port, the number of vaccines administered per 100 people varies widely across countries. Africa is far behind, with only 0.6 percent of the continent’s population vaccinated, compared with 2.1% in Asia, 12.7% in Europe, 6.7% in South America and 18.8% in North America as at 31 March.

The catastrophe has already pushed the estimates of extreme poverty by 2020 and 2021. Estimates show that between 119 and 124 million people fell into extreme poverty by 2020, with another 143 to 163 million people expected to follow this year.

“These estimates are very worrying because they are the first major increase in extreme poverty in the world in the last two decades,” Ms Durant said.

More than 25 indicators

The doors provide an overview of the impact of the epidemic on trade and development, highlighting more than 25 indicators and a wide selection of data on 31 March.

Much uncertainty remains and the data continues to evolve, so UNCTAD urges policy makers to closely monitor the ever-changing situation.

The doors are the culmination of a UNCTAD report, “The Impact of the COVID-19 Tragedy on Trade and Development – Moving to a New State,” released in November last year.

Completes initial indicators and new data where appropriate and available, especially during vaccination for the COVID-19 vaccine.

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