[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109615-en":3,"doc-seo-109615-105":31,"detail-sidebar-cat-0-en-105":93},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109615,7971461740886,"Theodore","https://ap-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2",8,"Research & Report","Statement by Mukhisa Kituyi to the Development Committee 101st Meeting - April 17, 2020","Statement by UNCTAD Secretary-General Mukhisa Kituyi to the International Monetary and Financial Committee and the Development Committee for the 101st meeting on April 17, 2020. It describes how the COVID-19 crisis has exposed deep global economic fragilities, risks recession, and sharply reduces output, incomes, trade, and commodity prices. It reviews relief measures and policy stimuli, assesses global output contraction estimates, and highlights the distinct constraints faced by developing countries, including foreign exchange pressures and higher debt servicing burdens.","Public Disc losure Authorized  \nDEVELOPMENT COMMITTEE  \nPub lic Disc losure Authorized  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND ONE MEETING  \nWASHINGTON, DC – APRIL 17, 2020  \n(VIRTUAL)  \nDC/S/2020-0021 April 17, 2020  \nStatement by  \nMukhisa Kituyi Secretary-General  \nUNCTAD  \nStatement by  \nMukhisa Kituyi  \nSecretary-General of UNCTAD  \nto the International Monetary and Financial Committee  \nand the Development Committee  \n101st Meeting of the Development Committee  \nApril 17, 2020  \nWashington, DC  \n(VIRTUAL)  \nThe Covid-19 crisis poses an unprecedented global threat to people’s lives and livelihoods. In its wake, persistent fragilities and deep fractures, accepted as part of the new normal in the post-2009 global economy, have been visibly exposed. Calls to build a better future, beyond the immediate task of containing the pandemic and restarting economies, will have to include a hard and frank examination of the governance of the global economy.  \nEven before the virus began to spread worldwide, a spluttering North, a general slowdown in the South and rising levels of debt everywhere were hanging ominously over the global economy; these, combined with increased market volatility, a fractured multilateral system and mounting uncertainty, were already signalling the danger of a global recession.  \nOver the second half of 2019, it became increasingly clear that the global economy was entering troubled waters with slower growth across all regions and a number of economies contracting in the final quarter. Still, there was a widely shared expectation that things would gradually improve in 2020, led by the large emerging economies, with global growth returning to its potential by 2021.  \nWith the advent of the Covid-19 pandemic, levels of uncertainty in the global economy have reached new heights. Not surprisingly, economic projections for the year 2020 vary widely. However, the picture from the still limited data currently available points to a dramatic reduction in output and incomes from the widespread shutdowns of manufacturing and services, along with sharp falls in financial markets and knock-on effects on consumer sentiment and investment confidence, international trade and commodity prices.  \nGlobal recession amidst pandemic relief measures  \nThere is little doubt that the global economy will experience deep recessionary conditions in the first half of this year with subsequent developments contingent on the trajectory of the pandemic and the effectiveness of government relief and recovery efforts, including debt relief for developing countries.  \nEstimates made with the UN Global Policy Model point to a contraction of global output in the range of 1.0 to 1.5 per cent in 2020 relative to 2019, assuming optimistically that economic activity restarts in the second half of the year and financial markets begin to recover, supported by ‘whatever it takes’monetary stimuli. This would imply a swing of about 4 percentage points in global growth with respect to what would have occurred if the Covid-19 crisis had not taken place.  \nIn recent weeks, a series of relief packages have been announced by policy makers in the major developed economies and China that appear to involve more explicit support to incomes, aggregate demand and government activity than was the case with the response to the GFC. Aside from special credit lines for businesses, the critical measures include government spending on healthcare, unemployment benefits, paid sick leave and cash transfers for households. Even so, preliminary estimates suggest that only a quarter of the $5 trillion so far announced will effectively translate into higher demand for goods and services.  \nPolicy makers in China have made several announcements about the size and nature of the stimuli in place for 2020. However, so far this has been considerably smalle","cbCaidHzh2uqmeLP","https://ap.wps.com/l/cbCaidHzh2uqmeLP","pdf",75748,5,1,7,"English","en",105,"# Global economic outlook under COVID-19\n## Recession risks and uncertainty\n## UN Global Policy Model contraction estimates\n## Relief packages and their demand effects\n## Developing countries' constraints and recovery conditions","[{\"question\":\"What major risks does the statement highlight about the global economy in 2020?\",\"answer\":\"It emphasizes unprecedented threats to lives and livelihoods, persistent fragilities in the global economy, and heightened uncertainty that signals a danger of global recession. It also points to sharp declines in output and incomes alongside falls in financial markets and disruptions to trade and prices.\"},{\"question\":\"How do the relief measures described affect global demand?\",\"answer\":\"The statement notes that recent policy packages in major developed economies and China provide more explicit support to incomes, aggregate demand, and government activity. Even so, preliminary estimates suggest only a portion translates into higher demand for goods and services.\"},{\"question\":\"Why are stimulus measures harder for developing countries according to the statement?\",\"answer\":\"Developing countries face foreign exchange pressures because they do not issue international reserve currencies. The statement explains that they can ease pressures only through exports, debt accumulation, or asset sales, which are problematic during recession, and that higher currency devaluations increase debt servicing and import costs.\"}]","Statement by Mukhisa Kituyi to the Development Committee 101st Meeting - April 17, 2020 | PDF",1784481549,18,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":88,"head_meta":90,"extra_data":92,"updated_unix":29},"statement-by-mukhisa-kituyi-to-the-development-committee-101st-meeting-april-17-2020","",{"@graph":37,"@context":87},[38,55,70],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,52],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":51},"https://docshare.wps.com/document/research-report/",3,{"item":53,"name":13,"@type":44,"position":54},"https://docshare.wps.com/document/statement-by-mukhisa-kituyi-to-the-development-committee-101st-meeting-april-17-2020/109615/",4,{"url":53,"name":13,"@type":56,"author":57,"headline":13,"publisher":59,"fileFormat":62,"inLanguage":24,"description":14,"dateModified":63,"datePublished":64,"encodingFormat":62,"isAccessibleForFree":65,"interactionStatistic":66},"DigitalDocument",{"name":9,"@type":58},"Person",{"url":42,"name":60,"@type":61},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":67,"interactionType":68,"userInteractionCount":20},"InteractionCounter",{"@type":69},"ViewAction",{"@type":71,"mainEntity":72},"FAQPage",[73,79,83],{"name":74,"@type":75,"acceptedAnswer":76},"What major risks does the statement highlight about the global economy in 2020?","Question",{"text":77,"@type":78},"It emphasizes unprecedented threats to lives and livelihoods, persistent fragilities in the global economy, and heightened uncertainty that signals a danger of global recession. It also points to sharp declines in output and incomes alongside falls in financial markets and disruptions to trade and prices.","Answer",{"name":80,"@type":75,"acceptedAnswer":81},"How do the relief measures described affect global demand?",{"text":82,"@type":78},"The statement notes that recent policy packages in major developed economies and China provide more explicit support to incomes, aggregate demand, and government activity. Even so, preliminary estimates suggest only a portion translates into higher demand for goods and services.",{"name":84,"@type":75,"acceptedAnswer":85},"Why are stimulus measures harder for developing countries according to the statement?",{"text":86,"@type":78},"Developing countries face foreign exchange pressures because they do not issue international reserve currencies. The statement explains that they can ease pressures only through exports, debt accumulation, or asset sales, which are problematic during recession, and that higher currency devaluations increase debt servicing and import costs.","https://schema.org",{"og:url":53,"og:type":89,"og:title":13,"og:site_name":60,"og:description":14},"article",{"robots":91,"canonical":53},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":94},[95,99,103,107,111,116,120,123,128,131,135],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":96,"show_sort_weight":97,"slug":98},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":100,"show_sort_weight":101,"slug":102},"Literature",80,"literature",{"id":54,"doc_module":4,"doc_module_name":47,"category_name":104,"show_sort_weight":105,"slug":106},"Exam",70,"exam",{"id":20,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":22,"doc_module":4,"doc_module_name":47,"category_name":117,"show_sort_weight":118,"slug":119},"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":47,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":47,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":47,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":47,"category_name":137,"show_sort_weight":20,"slug":138},19,"General","general"]