Distinguished Guests,
Ladies and Gentlemen,
Welcome to today＊s launch of the World Economic Situation and Prospects 2022, or WESP 2022.
I wish to acknowledge the joint efforts of colleagues from across the UN system:
- UN DESA,
- UNCTAD and the five regional commissions, and
- contributions from the UN-OHRLLS and the World Tourism Organization 每 for producing this important report.
We are living in a time of great uncertainty. Even as we mark nearly two full years since the onset of the COVID-19 pandemic, it is not yet over.
After a paralyzing economic crisis in 2020, last year was marked by a global recovery 每 although uneven and fragile. Significant progress in vaccinations 每 although unequal 每 along with supportive macroeconomic policies, have paved the path of recovery. Many economic activities have returned to pre-crisis levels.
But a full recovery is still a long way off. More than a fifth of the developing countries are yet to achieve their pre-pandemic levels of output. Indeed, they are hampered by insufficient access to vaccines and limited financial resources.
As we enter 2022, the global economic picture is murky. Job creation has not yet made up for the earlier losses, with employment deficits disproportionally affecting women and youth. At the same time, the spread of new COVID-19 variants, supply shortages, and rapidly rising inflation in many parts of the world, are clouding the economic outlook.
All these factors threaten to slow the pace 每 or even reverse 每 the hard-won achievements of the 2030 Agenda for Sustainable Development.
During the past two years, the number of people living in extreme poverty has increased sharply. Gender gaps have widened. And income and wealth inequalities, within and between countries, have gone up.
We are witnessing an increase in severe and frequent shocks due to the changing climate.
Governments around the world now face difficult policy choices to turn the rebound in output, to a more robust, inclusive and sustainable recovery.
This will require better targeted and coordinated monetary and fiscal policies to avoid disorderly adjustments, while:
- balancing inflation,
- debt distress, and
- needed investments to achieve the 2030 Agenda and climate action.
Effective labour market and human development policies can complement these, to speed up job creation, invest in skills, and expand social protection.
We must avoid long lasting scars.
The international community must step up efforts to strengthen and reinvigorate multilateralism in all aspects. In doing so, we must:
- ensure universal access to vaccines,
- address debt challenges,
- ease trade tensions, and
- reduce carbon emissions.
We are at a critical juncture in human history. The decisions we make and the actions we take today, will profoundly affect future generations and shape our common destiny.
Let us turn this crisis into an opportunity to steer the world in the right direction, and secure a sustainable future for all.
Now I invite Mr. Hamid Rashid to share with you more details of the report.
I thank you.