Millions of workers in these countries are facing the crisis of losing their jobs. Governments are considering and ruling out large packages to a sharp down-turn of their economies which could potentially plunge the global economy into a deep recession.
Developing countries, particularly those dependent on tourism and commodity exports, face huge economic risks. Global manufacturing production could contract significantly, and the number of travellers is likely to hurt the tourism sector in small island developing countries, which employs millions of low-skilled workers.
Meanwhile, the decline in revenues and a reversal of capital flows are increasing the likelihood of debt distress for many nations. Governments may be forced to curtail public expenditure at a time when they need to ramp up spending to contain the pandemic and support consumption and investment.
Some experts have said the collective goal must be a resilient recovery which puts the planet back on a sustainable track. We must not lose sight how it is affecting the most vulnerable population and what that means for sustainable development.
Developing countries, particularly those dependent on tourism and commodity exports, face huge economic risks. Global manufacturing production could contract significantly, and the number of travellers is likely to hurt the tourism sector in small island developing countries, which employs millions of low-skilled workers.
Meanwhile, the decline in revenues and a reversal of capital flows are increasing the likelihood of debt distress for many nations. Governments may be forced to curtail public expenditure at a time when they need to ramp up spending to contain the pandemic and support consumption and investment.
Some experts have said the collective goal must be a resilient recovery which puts the planet back on a sustainable track. We must not lose sight how it is affecting the most vulnerable population and what that means for sustainable development.
No comments:
Post a Comment