{"id":3939,"date":"2021-03-31T16:26:08","date_gmt":"2021-03-31T16:26:08","guid":{"rendered":"https:\/\/www.africa-press.net\/ethiopia\/?p=3939"},"modified":"2021-03-31T16:11:32","modified_gmt":"2021-03-31T16:11:32","slug":"severe-economic-downturn-undermining-devt-prospects-in-africa-un-report","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report","title":{"rendered":"Severe Economic Downturn Undermining Dev\u2019t Prospects in Africa: UN Report"},"content":{"rendered":"

Africa-Press<\/a> – Ethiopia<\/a>. <\/strong><\/span>March 31\/2021(ENA) The United Nations warned today that the devastating socio-economic impact of COVID-19 pandemic will be felt for years to come unless smart investments in economic, societal and climate resilience ensure a robust and sustainable recovery of the global economy.<\/p>\n

African countries need strong policy actions and further support from the international community in averting a debt crisis and protracted low growth, the report added.<\/p>\n

In 2020, the world economy shrank by 4.3 percent, over two and half times more than during the global crisis of 2009. The modest recovery of 4.7 percent expected in 2021 would barely offset the losses of 2020, says the latest World Economic Situation and Prospects.<\/p>\n

Developed economies, projected to see a 4 percent output growth in 2021, shrank the most, by 5.6 percent, due to economic shutdowns and subsequent waves of the pandemic, increasing the risk of premature austerity measures that would only derail recovery efforts globally.<\/p>\n

Developing countries saw a less severe contraction at 2.5 percent, with an expected rebound of 5.6 percent in 2021, according to the estimates presented in the report.<\/p>\n

However, economic contraction among developing nations, falling exports and local consumption rates as well as high levels of public debt will significantly increase poverty levels.<\/p>\n

African countries are experiencing an unprecedented economic downturn with major adverse impacts on development. Lower commodity prices, the collapse of tourism and lower remittances \u2013 exacerbated by much-needed domestic lock downs and other measures to control the spread of the pandemic \u2013 have caused a severe and widespread deterioration of the economic situation.<\/p>\n

Limited fiscal space, challenging financing conditions and rising public debt have increased the risks of debt distress.<\/p>\n

\u201cWe are facing the worst health and economic crisis in 90 years. As we mourn the growing death toll, we must remember that the choices we make now will determine our collective future,\u201d said UN Secretary-General Ant\u00f3nio Guterres, who will address the Davos Agenda event later today.<\/p>\n

\u201cLet\u2019s invest in an inclusive and sustainable future driven by smart policies, impactful investments, and a strong and effective multilateral system that places people at the heart of all socio-economic efforts.\u201d<\/p>\n

The report underscores that sustained recovery from the pandemic will depend not only on the size of the stimulus measures, and the quick rollout of vaccines, but also on the quality and efficacy of these measures to build resilience against future shocks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ethiopia. March 31\/2021(ENA) The United Nations warned today that the devastating socio-economic impact of COVID-19 pandemic will be felt for years to come unless smart investments in economic, societal and climate resilience ensure a robust and sustainable recovery of the global economy. African countries need strong policy actions and further support from the […]<\/p>\n","protected":false},"author":84,"featured_media":3938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,277,235],"class_list":["post-3939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-ethiopia-2","tag-ethiopia"],"yoast_head":"\nSevere Economic Downturn Undermining Dev\u2019t Prospects in Africa: UN Report - Ethiopia<\/title>\n<meta name=\"description\" content=\"March 31\/2021(ENA) The United Nations warned today that the devastating socio-economic impact of COVID-19 pandemic will ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Severe Economic Downturn Undermining Dev\u2019t Prospects in Africa: UN Report\" \/>\n<meta property=\"og:description\" content=\"March 31\/2021(ENA) The United Nations warned today that the devastating socio-economic impact of COVID-19 pandemic will ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report\" \/>\n<meta property=\"og:site_name\" content=\"Ethiopia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-31T16:26:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ethiopia\/sites\/50\/2021\/03\/img-60649f0b1c20f.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"446\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Severe Economic Downturn Undermining Dev\u2019t Prospects in Africa: UN Report\",\"datePublished\":\"2021-03-31T16:26:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ethiopia\/sites\/50\/2021\/03\/img-60649f0b1c20f.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ethiopia\",\"ethiopia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report\",\"url\":\"https:\/\/www.africa-press.net\/ethiopia\/all-news\/severe-economic-downturn-undermining-devt-prospects-in-africa-un-report\",\"name\":\"Severe Economic Downturn Undermining Dev\u2019t Prospects in Africa: UN Report - 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