SANAA, May 14 (YPA) – The United Nations has published a report in which it talked about the contraction that the global economy will witness this year, which may reach nearly 3.2 percent, as a result of the Corona pandemic that hit all countries of the world.
According to the report of the United Nations Department of Economic and Social Affairs, the scale of the contraction will be equivalent to the gains made in about four years, bringing the losses to about $ 8.5 trillion.
Elliot Harris, the United Nations Assistant Secretary-General for Economic Development, stated that the world will face a “bitter reality” of a severe recession that “we have not seen since the Great Depression.”
He added that the strength of the economic recovery would depend on the ability of countries to protect jobs and income, especially among the most vulnerable members of societies.
The report noted that next year may witness a slight recovery by 3.4 percent, and it would be destined to compensate for the losses of this year.
The G20 finance ministers announced earlier in a joint statement, that the countries of the Group promised to take all measures to prevent the long impact of the Corona epidemic on the global economy.