Rebirthing the Global Economy to Deliver Sustainable Development
Join us LIVE for the roundtable about two defining issues of our time, especially for younger generations: jobs, their shifting nature and lack thereof after COVID-19, and climate
change in the context of a green recovery and a just transition to create decent and quality work.
Young women are crafting bold and innovative policy ideas and solutions and their voices, like those of climate activists, need to be amplified.
Economists from IMF and World Bank predict the world economy is having the worst recession since 1930, but they also say this crisis may help build a "more resilient and inclusive" global economy for the future. The COVID-19 pandemic and emergency measures to control it, such as lockdowns and travel restrictions, have put public health systems under stress and caused hundreds of millions around the world to lose their livelihoods overnight. As a result of the pandemic the world's gross domestic product, foreign direct investment and remittances are estimated to drop in 2020 by 4.9 per cent, 40 per cent, and 20 per cent, respectively. In addition, in the second quarter of the year, hours of work dropped 14 per cent, equivalent to a loss of 400 million full-time jobs, and global merchandise trade declined by 18.5 percent.
Convened by the UN Deputy Secretary-General Amina Mohammed and the Finance Ministers of Canada and Jamaica, it aims to present a single ambitious menu of policy options to the Heads of State and Government to recover from the current crisis in the short term and mobilize the financial resources to achieve the 2030 Agenda and its Sustainable Development Goals (SDGs) and build the resilience and sustainability of countries and the global financial architecture over the medium to long term.
The specific objectives of the Meeting of the Ministers of Finance are as follows:
- To enable Ministers of Finance to discuss, further refine and transmit to Heads of State and Government the menu of options and key highlights compiled by the six discussion groups on their six respective topics for the short, medium and long term;
- To ensure that the menu of options fully reflects the needs and views of the Ministries of Finance at their highest level, thereby fostering ownership of the outcome by both developed and developing countries, regardless of their size and level of income;
- To reinforce high-level political momentum for a global comprehensive response prior to review and consideration by the Heads of State of the menu of options at a separate Leader's meeting on 29 September 2020.
More information: bit.ly/2EYVGQh The International Monetary Fund says the coronavirus pandemic could leave "long-lasting scars" on the global economy. A key committee that advises the organization's board met on Thursday as part of this year's virtual IMF World Bank annual meetings.
The IMF's International Monetary and Financial Committee says it will use all the tools at its disposal to restore confidence, jobs and growth around the world. The International Monetary Fund and World Bank started their annual meetings in Washington, D.C., this week.
The IMF published its latest World Economic Outlook on Tuesday, forecasting the global economy will contract by 4.4% in 2020.
The IMF said China, however, holds the distinction of being the only major economy projected to achieve growth in 2020, forecast to hit 1.9% for the year.
And in its outlook, the IMF said it expects China's growth will accelerate to 8.2 percent next year.
In an exclusive interview, CGTN's Yin Yue spoke to Vitor Gaspar, Director of the Fiscal Affairs Department of the IMF, about global economic recovery and what fiscal risks China and world face now.