New Delhi: A latest UN trade report has announced that the world economy will go into recession this year with a predicted loss of trillions of dollars of income due to the coronavirus pandemic, spelling serious trouble for developing countries with the likely exception of India and China.
With two-thirds of the world’s population living in developing countries facing unprecedented economic damage from the COVID-19 crisis, the UN is calling for a $2.5 trillion rescue package for these nations.
According to the new analysis from United Nations Conference on Trade and Development (UNCTAD), the UN trade and development body titled ‘The Covid-19 Shock to Developing Countries: Towards a ‘whatever it takes’ programme for the two-thirds of the world’s population being left behind’, commodity-rich exporting countries will face a $2 trillion to $3 trillion drop in investments from overseas in the next two years.
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