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Economic Development

In the face of a deep global recession amid a still unchecked pandemic, the world needs a global recovery plan that can return even the most vulnerable countries to a stronger position than they were in before COVID-19, says UNCTAD`s . According to the report, key to success will be tackling a series of pre-existing conditions that were threatening the health of the global economy even before the pandemic hit.

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This World Tourism Day (27 September) is celebrated at a critical moment, according to the last UN brief about the impact of COVID-19 on the industry. Communities around the world look to tourism to drive recovery, especially rural communities where the sector is a leading employer, most notably for women and youth. These rural communities are usually much less prepared to deal with the short and longer-term impacts of crisis. Tourism can offer solutions to all these challenges. Help us the role of tourism with the theme 2020: 鈥

celebrates 鈥淭ourism and Rural Development鈥 as this year鈥檚 World Tourism Day theme, as countries around the world look to tourism, as a leading employer, to drive recovery.

Children smile and wash their hands.

Considering the current pandemic, South-South cooperation is more important than ever. Several countries of the global South have already demonstrated effective responses to COVID-19, so they can help other less developed to build more resilient societies during the crisis. In observance of the International Day of South-South Cooperation (12 September),  the hosts a  on 10 September at  9 a.m. EDT to reflect on the vital role of international solidarity towards the Sustainable Development Goals, while effectively responding to the global COVID-19 crisis.

Aside from the obvious human and economic impacts, one of the remarkable aspects of the COVID-19 pandemic has been the vacuum filled by digital technologies: ICTs have facilitated millions of people in working from home during lockdowns, maintaining contact with friends or family or even in analyzing whether a person may be potentially infected. The pandemic is also likely to have accelerated the process of digitalization of manufacturing, known as 鈥渢he Fourth Industrial Revolution,鈥 by shortening global value chains, increasing regional trade and mass customization, as businesses scramble to adapt to a 鈥渘ew normal鈥 by mitigating risks. UNIDO is providing tailored-solutions to its Member States to help them recover and build inclusive, sustainable and resilient economies.

The next phase of 鈥檚 COVID-19 crisis response is designed to help decision-makers look beyond recovery, towards 2030, making choices and managing complexity a

Europe, like the rest of the world, faces an extended crisis. An element of social distancing鈥攎andatory or voluntary鈥攚ill be with us for as long as this pandemic persists. This, coupled with continued supply chain disruptions and other problems, is prolonging an already difficult situation. overarching policy goals include saving lives now and ensuring Europe emerges with a greener and safer economy for the long run, one where future generations can thrive equitably.

The coronavirus crisis is pushing critical economic, social and environmental development targets beyond reach, warned through its .

Workers wearing facemasks and helmets among solar panels.

As profits plummet and operations shutter due to the pandemic, the United Nations鈥 corporate partners build a safer, greener fairer and more resilient global economy. The , the world鈥檚 largest corporate sustainability initiative, recently made a for private sector leaders to work together to control the coronavirus outbreak. Joint action is critical to spur recovery. Collective efforts are also vital to reduce entrenched inequalities and advance the Sustainable Development Goals, the UN鈥檚 shared blueprint for achieving peace and prosperity across the planet.

People sitting against a colourful backdrop of the sustainable development goals.

The first-ever virtual SDG Media Zone is being held on the sidelines of this year鈥檚 . As we come together to take stock of the Sustainable Development Goals (SDGs), the SDG Media Zone encourages the sharing of ideas for a sustainable recovery from COVID-19. Focusing on the power of science and solidarity, expert voices can help usher a healthier, more equitable and greener world. Since 2016, the SDG Media Zone brings together UN Member States, content creators, influencers, activists and media partners to highlight actions and solutions in support of the SDGs.

Using South-South Cooperation to replicate nature-based solutions

For the first time in living memory, Asia鈥檚 growth is expected to contract by 1.6 percent鈥攁 downgrade to the April projection of zero growth. While Asia鈥檚 economic growth in the first quarter of 2020 was better than projected in the 鈥攑artly owing to early stabilization of the virus in some鈥攈ave been revised down for most of the countries in the region due to weaker global conditions and more protracted containment measures in several emerging economies.

As Latin America becomes the global epicentre of the pandemic, figures show manufacturing in the region as one of the sectors most affected by the shutdown of economic activity.

The Great Lockdown is expected to play out in three phases, first as countries enter the lockdown, then as they exit, and finally as they escape the lockdown when there is a medical solution to the pandemic. Many countries are now in the second phase, as they reopen, with early signs of recovery, but with risks of second waves of infections and re-imposition of lockdowns. This pandemic has already claimed hundreds of thousands of lives worldwide. The resulting economic crisis is unlike anything the world has seen before.

 

Woman wearing a mask pours a liquid into a container.

Micro-, small and medium businesses are being hit hardest by the economic fall-out of the pandemic. Let鈥檚 not forget these enterprises make up over 90% of all firms and account for, on average, 70% of total employment and 50% of the GDP. , celebrated every June 27, raises public awareness of their contribution to the global economy. The鈥檚 flagship "", measures the impact of COVID-19 on small business.