• About
  • Advertise
  • Privacy Policy
  • Contact
Sunday, October 12, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Output of Developing Countries Projected to Shrink by 3.2%

thevaultzby thevaultz
May 16, 2020
Reading Time: 3 mins read
thevaultzby thevaultz
in Economy, General News
0
Output of Developing Countries Projected to Shrink by 3.2%

The United Nations, UN, Department of Economic and Social Affairs, DESA in a report, has said the output of developing countries will shrink by 0.7%.

The report titled “The World Economic Situation and Prospect, WESP,” report stated that the raging and devastating pandemic is projected to shrink the world economy by 3.2% in 2020 and also noted that gross domestic product, GDP in developed countries will plunge 5.0% by mid-2020.

 “The global economic outlook has changed drastically since the launch of WESP 2020 in January”, observed Elliott Harris, UN Chief Economist and Assistant Secretary-General for Economic Development.

RelatedPosts

Mahama’s Galamsey Fight Non-Negotiable – Lands Minister Declares

GES Urges Parents to Accept Placements and Prepare Wards

Security Consultant Urges Hotline, Political Courage in Galamsey Fight

Elliot Harris UN Chief Economist and Under Secretary General for Economic Development
Elliott Harris

The coronavirus has unleashed a health and economic crisis, unprecedented in scope and magnitude, with lockdowns and border closures paralyzing economic activity and laying off millions of workers globally.

“With the large-scale restrictions of economic activities and heightened uncertainties, the global economy has come to a virtual standstill in the second quarter of 2020,” he added. “We are now facing the grim reality of a severe recession of a magnitude not seen since the Great Depression.”

Meanwhile, to fight the pandemic and minimize the impact of a catastrophic economic downturn, governments globally are rolling out fiscal stimulus measures that equal roughly 10% of the world’s GDP.

Although new infections and coronavirus-related death rates have recently slowed down, the pandemic’s future course remains uncertain, as does the economic and social consequences that will follow.

ADVERTISEMENT
coronavirus p

What is being done by governments around the world to save their various economies?

Now authorities around the world are torn between saving lives or reviving the economy, a difficult decision to make.

Some governments have, however, already began to cautiously lift restrictions in order to jumpstart their economies.

But recovery will largely depend on how well public health and fiscal measures work together to stem the spread of the virus, minimizing reinfection risks, safeguarding employment and restoring consumer confidence so that people can start spending again to boost the economy.

“The pace and strength of the recovery from the crisis”, explained Mr Harris, will also rest on “the ability of countries to protect jobs and incomes, particularly of the most vulnerable members of our societies.”

Without a quick breakthrough in vaccine development and treatment, DESA maintains that “the post-COVID-19 world will likely be vastly different”, from the one we knew.

Although a modest rebound of around 3.4%, mostly recovering lost output, is expected for 2021, the report spelt out that “the possibility of a slow recovery and prolonged economic slump, with rising poverty and inequality, looms large.”

Trade and tourism are paralyzed, while large deficits and high levels of public debt will pose significant challenges for developing countries and small island States.

The UN forecast makes clear that stronger multilateral support and solidarity to contain the pandemic, along with economic and financial assistance to countries hardest hit by the crisis, will remain “critical for accelerating recovery and putting the world back on the trajectory of sustainable development,”

Tags: CoronavirusghanaUN
Please login to join discussion
Previous Post

With over five years of experience

Next Post

Internal Analysis on Benchmark Discount Policy was not Approved by Gov’t – GRA

[mc4wp_form id="1264"]

Related Posts

Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah
General News

Mahama’s Galamsey Fight Non-Negotiable – Lands Minister Declares

October 12, 2025
GES Urges Parents to Accept Placements and Prepare Wards
General News

GES Urges Parents to Accept Placements and Prepare Wards

October 12, 2025
Political Interests Derailing Ghana’s Fight Against Galamsey
General News

Security Consultant Urges Hotline, Political Courage in Galamsey Fight

October 11, 2025
Ghana Climbs Credit Ladder as Moody’s Issues Major Upgrade, Signals Strong Economic Comeback Under IMF Reforms
Economy

Ghana Climbs Credit Ladder as Moody’s Issues Major Upgrade, Signals Strong Economic Comeback Under IMF Reforms

October 11, 2025
Professor Stephen Kwaku Asare
General News

The More Lawyers, the Better for Rule of Law – Professor Asare Insists on Expansion of Legal Education

October 11, 2025
Western Region Launches Investment Centre to Drive Local Prosperity
General News

Western Region Launches Investment Centre to Drive Local Prosperity

October 10, 2025
Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba
Entertainment

Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba

by Esther Korantemaa OffeiOctober 12, 2025
Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah
General News

Mahama’s Galamsey Fight Non-Negotiable – Lands Minister Declares

by Evans Junior OwuOctober 12, 2025
Mining consultant Ing. Wisdom Edem Gomashie
Extractives/Energy

Mining Consultant Challenges GoldBod CEO’s Claims on Gold Purchases 

by Prince AgyapongOctober 12, 2025
Ecobank Ghana Empowers the Next Generation Through Digital Inclusion
Banking

Ecobank Ghana Empowers the Next Generation Through Digital Inclusion

by Stephen M.COctober 12, 2025
GES Urges Parents to Accept Placements and Prepare Wards
General News

GES Urges Parents to Accept Placements and Prepare Wards

by Silas Kafui AssemOctober 12, 2025
Cameroon Goes To The Polls
Africa

Cameroon Goes To The Polls

by Comfort AmpomaaOctober 12, 2025
Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba
Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah
Mining consultant Ing. Wisdom Edem Gomashie
Ecobank Ghana Empowers the Next Generation Through Digital Inclusion
GES Urges Parents to Accept Placements and Prepare Wards
Cameroon Goes To The Polls

Recent News

Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba

Lawyers Declare Odo Broni as Recognized Wife of Daddy Lumba

October 12, 2025
Minister for Lands and Natural Resources, Hon. Emmanuel Armah-Kofi Buah

Mahama’s Galamsey Fight Non-Negotiable – Lands Minister Declares

October 12, 2025
Mining consultant Ing. Wisdom Edem Gomashie

Mining Consultant Challenges GoldBod CEO’s Claims on Gold Purchases 

October 12, 2025
Ecobank Ghana Empowers the Next Generation Through Digital Inclusion

Ecobank Ghana Empowers the Next Generation Through Digital Inclusion

October 12, 2025
GES Urges Parents to Accept Placements and Prepare Wards

GES Urges Parents to Accept Placements and Prepare Wards

October 12, 2025
Cameroon Goes To The Polls

Cameroon Goes To The Polls

October 12, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.