5 things you should know about the state of the global economy

5 things you should know about the state of the global economy IMF/Ernesto Benavides Goods are transported by hands in Lima, Peru. 10 May 2021 Economic Development Is this the year we overcome the global economic crisis caused by the pandemic? Are our jobs in danger? Who has lost the most in the crisis and what can be done to recover? As the UN Department of Social and Economic Affairs (DESA) prepares to launch the mid-year update of the 2021 World Economic Situation and Prospects (WESP) report, here are five things you need to know about the state of the global economy. Dock workers unload fresh fish from a boat in Casablanca, Morocco.IMF/ Jake Lyell Dock workers unload fresh fish from a boat in Casablanca, Morocco. 1) US and China bounce back, but a slow recovery for developing countries While economic output in the United States and China is expected to grow robustly and lift global growth, many developing economies are not expected to return to pre-pandemic output levels anytime soon. The pandemic is far from over for most developing countries where vaccination is advancing slowly, and fiscal pressures have intensified. 2) The situation of the most vulnerable has become even more precarious Lockdowns and social distancing measures resulted in large job losses in contact-intensive and labour-intensive service sectors, which predominantly employ women. The pandemic has also exposed the vulnerability of informal employment, which is the main source of jobs in many countries and which offers less job security, social protection and access to healthcare. An egg vendor sits in her stall in Quiapo, Philippines.IMF/Lisa Marie David An egg vendor sits in her stall in Quiapo, Philippines. 3) Global trade recovery is strong, particularly in Asia Merchandise trade has already surpassed pre-pandemic levels, buoyed by strong demand for electrical and electronic equipment, personal protective equipment (PPE) and other manufactured goods. Trade in services remains constrained by restrictions on international travel. While exports from Asian economies have soared, exports from Africa, Western Asia, and the Commonwealth of Independent States has stalled. 4) The COVID-19 crisis has inflicted more harm on women and girls This crisis disproportionately affected women, who suffered significant job and income losses, contributing to the worsening of gender poverty gaps. Burdened by increased home care duties, many girls and women gave up on schools, and the workforce altogether. Returning to school and work might take longer or may not happen at all for many of them, further widening gender gaps in education, income and wealth. Women textile workers perform quality control tests at a factoy in Izmir, Turkey.ILO/Kivanc Ozvardar Women textile workers perform quality control tests at a factoy in Izmir, Turkey. 5) Countries need to do more to address the uneven impact of the COVID-19 crisis There is an urgent need for countries to formulate better targeted and gender-sensitive policies to drive a more resilient and inclusive recovery from the crisis. Though on the frontlines of the pandemic, women have been under-represented in pandemic related decision-making and economic policy responses. The severe and disproportionate impact of the pandemic on women and girls call for more targeted policy and support measures for women and girls, not only to accelerate the recovery but also to ensure that the recovery is inclusive and resilient. A rice mill worker fills a sack with rice in Ratchathani province, Thailand.UN Women/Piyavit Thongsa-Ard A rice mill worker fills a sack with rice in Ratchathani province, Thailand. Courtesy:UN News

Security council upholds role of multilateralism in a complex world.Courtesy:UN News

Security Council upholds role of multilateralism in a complex world UN peacekeepers patrol the Mopti region of eastern Mali. MINUSMA/Harandane Dicko UN peacekeepers patrol the Mopti region of eastern Mali. 7 May 2021 UN Affairs The President of the UN General Assembly on Friday urged countries to “do better” in making COVID-19 vaccines available to everyone, everywhere, warning that “good intentions are no match for vaccines in arms.” Briefing a high-level Security Council debate on upholding multilateralism, Volkan Bozkir equated fair distribution of vaccines with civilian protection. He commended recent developments on vaccine patent waivers which will help save lives, and lamented that low-income countries have so far received just 0.3 per cent of all doses. “We can do better. We must do better”, Mr Bozkir told the online meeting. “The COVID-19 pandemic is not a zero-sum game. Good intentions are no match for vaccines in arms.” Division and failure As the General Assembly President, Mr Bozkir was speaking on behalf of the UN’s 193 Member States. Earlier in his speech, he addressed the Council’s “special responsibility” in international peace and security. For millions worldwide, the 15-member chamber “is the face and embodiment of the United Nations”, and its successes or failures are seen as the success or failure of the UN. “On many occasions, the Council has been divided, and unable to rise to the challenge. For most of those cases, the reason for failure, is the differences between its members, in particular, its permanent members”, he said. Mr Bozkir highlighted the need for reform, and a more representative, accountable and transparent Council, stating “I am conveying this, as the President of the most democratic organ of our system.” Commit to cooperation The online debate was convened by China, which holds the rotating presidency of the Security Council this month. State Councillor and Minister for Foreign Affairs, Wang Yi, emphasized the importance of global cooperation and dialogue. “As the world goes through a raging pandemic and profound changes rarely seen in a century, we need to firmly commit to the path of cooperation, mutual benefit and win-win, and put real multilateralism into practice”, he said, speaking through an interpreter. Mr Yi also called for the UN to place greater emphasis on public health, counter-terrorism, climate change and other non-traditional security issues. “The ongoing pandemic has also amplified the unadaptable side of the global governance system,” he added. “The UN needs to keep pace with the times and should improve its efficiency, emergency response capability, and transparency of its work through reform. Earnestly increase the representation and voice of developing countries and make the global governance system more just and equitable.” Collaboration and push-back At a time of rising nationalism and repression, and deepening rivalries among nations, multilateralism remains “our best tool for tackling global challenges”, said Antony Blinken the United States Secretary of State. He affirmed US commitment to work with all countries, even adversaries, to combat “big complex problems” such as the pandemic and climate change. “At the same time, we will continue to push back forcefully when we see countries undermine the international order, pretend that the rules we’ve all agreed to don’t exist, or simply violate them at will”, he said. “Because for the system to deliver, all countries must abide by it and put in the work for its success.” Respect the UN Charter Russian Foreign Minister Sergei Lavrov highlighted the UN as the backbone of the modern world order. He called for countries to “unconditionally adhere” to the UN Charter when forming foreign policy, including respecting sovereignty and ensuring non-interference in internal affairs. “This is particularly important at the current stage in the complex formation of a multi-polar system of international relations”, he said, speaking through an interpreter. Mr. Lavrov also noted that more “narrow partnerships” are being created to discuss issues already on the UN agenda, such as security in cyberspace. “If we are all actually saying that we are in favour of multilateralism, then let’s honestly together try to find ways to establish it justly without attempts to prove anyone’s primacy or to undermine anyone’s rights.”

Remembering victims of second World War by UN

8 May 2021 Peace and Security The Second World War had a profound impact on the international community, and established the conditions for the creation of the United Nations. This weekend marks the official remembrance of the tens of millions of civilians and soldiers who died during the conflict. In total, about 40 million civilians, and some 20 million soldiers, lost their lives in the war between 1939 and 1945. On 8 and 9 May, the UN invites its 193 member countries, non-governmental organizations, and individuals, to pay tribute to the victims of the conflict. The date of 8 May was chosen because it is the day the Nazi forces in Germany surrendered in 1945 but, recognizing that UN member states may have their own memorable days associated with the victory over fascism, the General Assembly invited all countries, UN organizations, non-governmental organizations and individuals to celebrate either 8 May, 9 May, or both of these days annually as a tribute to all victims of the Second World War. The General Assembly Resolution establishing this day, adopted in 2014, notes that this historic event laid down the conditions for the creation of the United Nations, which was founded to "save future generations from the scourge of war", according to its founding Charter. The Resolution calls on member states to unite their efforts to face new challenges and threats, with the United Nations playing a central role in resolving disputes by peaceful means. The UN Relief and Rehabilitation Administration (UNRRA) organized the sending of food products to countries devastated by the Second World War. UN Photo The UN Relief and Rehabilitation Administration (UNRRA) organized the sending of food products to countries devastated by the Second World War. Untold sorrow to humankind In this text, the General Assembly recalls that the Second World War "brought untold sorrow to humankind, particularly in Europe, Asia, Africa, the Pacific and other parts of the world", and underlines the progress made since, and the UN’s important role in overcoming this painful legacy, and promoting reconciliation. In a Tweet published on Saturday, the UN Chief António Guterres recalled that the UN was born following the victory over fascism and tyranny, and urged the world to "never forget the lessons of history, and continue working for a future of peace & dignity for all." Courtesy:UN News