• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, August 4, 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

Global Economy expected to scarcely recover 2020 losses in 2021― UN Report

January 26, 2021
Stephen M.Cby Stephen M.C
in Around the Globe, Sub Top Stories, Sub Top Stories1, World
0
Global Economy expected to scarcely recover 2020 losses in 2021― UN Report

The UN General Assembly

The global economy is expected to make a modest rebound of 4.7 percent this year after it shrunk by 4.3 percent in 2020 due to the COVID-19 pandemic― experiencing the sharpest contraction of global output for close to a century and more than double the impact of the Global Financial crisis in 2008/2009.

According to The World Economic Situation and Prospects report by the U.N. Department of Economic and Social Affairs, developed economies shrank by 5.6 percent in 2020 with growth projected to recover to 4.0 percent, while developing countries shrank by 2.5 percent and are estimated to grow by 5.7 percent in 2021.

With deep regrets over the many lives lost, about 2 million people in 2020, the Secretary-General of the United Nations, Antonio Gueterres underscored the need for economies to invest in an inclusive and sustainable future that is more people-centered.

RelatedPosts

India, The Philippines Stage Joint Naval Drills In South China Sea

Power Without End, Africa’s Quiet Constitutional Coups

South Korea Persists In Quest To Ease Tensions With North Korea

“We 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. Let’s 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.”

Antonio Gueterres, UN Secretary-General
antonio
Antonio Gueterres, UN Secretary-General

Accordingly, the UN report calls for governments all over the world to avoid austerity, although there are growing concerns for fiscal deficits and debt sustainability.

The roll out of large stimulus packages, and falling government revenues have strained and stretched public finances. Along with increasing deficits, total public debt worldwide increased by an estimated $9.9 trillion.

Nonetheless, the rise in public debt should not in itself be a concern as long as additional debt expands productive capacity and stimulates growth, the report suggests.

The report notes that, countries with high levels of public debt―and constrained by fiscal rules― may be forced to cut back spending too quickly to balance their budgets. But, these concerns should rather encourage Governments to ensure that deficits and debt actually promote growth, the report said.

 “With a benign inflation outlook, real public debt will remain high relative to real GDP. It will be politically and economically infeasible for many Governments to raise taxes during the recovery period.”

Whilst the report does not dispute the fact that Governments need to cut down on spending to reduce fiscal deficit and debt, it warns that a premature recourse to austerity will certainly weaken the speed and quality of the recovery and undermine resilience to future shocks.

“Austerity measures almost always cut back social spending on health and education and public services with far-reaching consequences for many SDGs. The global spillover effects of spending cuts—via trade, investment and official development assistance (ODA) flows—will have dire consequences for sustainable development.”

“Massive and timely fiscal responses prevented a Great Depression-like economic catastrophe worldwide,” the report said.

“It will remain critical that the G20 economies return to the trajectory of growth, not only to lift the rest of the world economies but also to make the world economy more resilient to future shocks,” the report warned.

READ ALSO: Global growth to rebound at 4% in 2021 – World Bank

Tags: AusterityDebtEconomicfiscal deficitGlobal
Please login to join discussion
Previous Post

Afrobarometer reveals Ethiopians support for the rule of law

Next Post

Trump impeachment article delivered to Senate, triggering trial of ex-president

[mc4wp_form id="1264"]

Related Posts

India, The Philippines Stage Joint Naval Drills In South China Sea
Asia

India, The Philippines Stage Joint Naval Drills In South China Sea

August 4, 2025
Fixing the Farmgate to Protect Cocoa’s Future: Farmers Deserve Fairer Price
Opinions

Fixing the Farmgate to Protect Cocoa’s Future: Farmers Deserve Fairer Price

August 4, 2025
Ewoyaa Project: Atlantic Lithium Limited
Extractives/Energy

Atlantic Lithium Reports A$5.4M Cash Reserve as Ewoyaa Project Advances 

August 4, 2025
Power Without End, Africa’s Quiet Constitutional Coups
Africa

Power Without End, Africa’s Quiet Constitutional Coups

August 4, 2025
Bright Simons, Manufacturing, Quality
General News

Nutrifoods Recall Raises Concern Over Manufacturing Standards

August 4, 2025
Stock Market Set for Explosive Growth Following Rate Cut to 25%, Says Analyst
Securities/Markets

Stock Market Set for Explosive Growth Following Rate Cut to 25%, Says Analyst

August 4, 2025
India, The Philippines Stage Joint Naval Drills In South China Sea
Asia

India, The Philippines Stage Joint Naval Drills In South China Sea

by Comfort AmpomaaAugust 4, 2025
Fixing the Farmgate to Protect Cocoa’s Future: Farmers Deserve Fairer Price
Opinions

Fixing the Farmgate to Protect Cocoa’s Future: Farmers Deserve Fairer Price

by Stephen M.CAugust 4, 2025
Ewoyaa Project: Atlantic Lithium Limited
Extractives/Energy

Atlantic Lithium Reports A$5.4M Cash Reserve as Ewoyaa Project Advances 

by Prince AgyapongAugust 4, 2025
Power Without End, Africa’s Quiet Constitutional Coups
Africa

Power Without End, Africa’s Quiet Constitutional Coups

by Lawrence AnkutseAugust 4, 2025
Bright Simons, Manufacturing, Quality
General News

Nutrifoods Recall Raises Concern Over Manufacturing Standards

by Silas Kafui AssemAugust 4, 2025
Stock Market Set for Explosive Growth Following Rate Cut to 25%, Says Analyst
Securities/Markets

Stock Market Set for Explosive Growth Following Rate Cut to 25%, Says Analyst

by Stephen M.CAugust 4, 2025
India, The Philippines Stage Joint Naval Drills In South China Sea
Fixing the Farmgate to Protect Cocoa’s Future: Farmers Deserve Fairer Price
Ewoyaa Project: Atlantic Lithium Limited
Power Without End, Africa’s Quiet Constitutional Coups
Bright Simons, Manufacturing, Quality
Stock Market Set for Explosive Growth Following Rate Cut to 25%, Says Analyst
[/vc_row_inner]

Recent News

  • India, The Philippines Stage Joint Naval Drills In South China Sea
  • Fixing the Farmgate to Protect Cocoa’s Future: Farmers Deserve Fairer Price
  • Atlantic Lithium Reports A$5.4M Cash Reserve as Ewoyaa Project Advances 
  • Power Without End, Africa’s Quiet Constitutional Coups
  • Nutrifoods Recall Raises Concern Over Manufacturing Standards
The Vaultz News

Copyright © 2021 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 © 2021 The Vaultz News. All rights reserved.