IMF forecasts 4.9% drop in world economy
The IMF estimated a 4.9% drop in global GDP for 2020, sharply revising its earlier prediction of a 3% drop due to the pandemic.
Sustainable Development Goals
Many businesses, governments and organizations are committed to sustainable goals like reducing their environmental footprints and conserving resources. Sustainable finance includes environmental, social and governance considerations in investment decisions. In 2015, the U.N.'s 193 member nations adopted the 17 Sustainable Development Goals for 2030. Despite some progress, the U.N. says 83% of the agenda is off-track from the pandemic, climate change, biodiversity loss, pollution, and conflict.
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U.N. forecasts foreign investments plunge
New business investment globally will likely drop by up to 40% this year and 10% in 2021 from the COVID-19 pandemic, UNCTAD reported.
Candidates vie to become next WTO chief
The embattled WTO shifted to selecting a new director-general in an expected race between candidates from Mexico, Africa and Europe.
E.U. leaders pitch huge recovery package
E.U. leaders unveiled a €750 billion coronavirus recovery plan to help continental members navigate the prospect of its deepest recession.
Oxfam forced to shutter aid in 18 nations
Oxfam International it will shed almost 30% of its global staff and pull up stakes in 18 nations due to financial hardship.
U.N. report forecasts 3.2% economic drop
The world economy is projected to shrink by 3.2% in 2020 — its biggest contraction since the 1930s Great Depression — due to the pandemic.
Singaporean chosen as next WIPO director
WIPO's top governing body appointed Daren Tang, a lawyer from Singapore, to serve as its next chief in a contest reflecting U.S.-China tensions.
IMF warns of worst recession since 1930s
The global economy will likely suffer the worst financial crisis since the Great Depression due to pandemic disruptions and shutdowns, IMF forecast.
Europe's mixed progress toward U.N. goals
Air pollution levels exceed recommended health limits in all but 10 mainly European countries, but most lowered carbon emissions and expanded forest cover.
Global trade services growth weakens as coronavirus spreads
The World Trade Organization's services trade barometer shows a further decline from last September.
U.N. warns of US$2 trillion losses to virus
Trade economists who advise the U.N. warned COVID-19 could cost the world economy up to US$2 trillion in 2020 and push nations into recession.
UNCTAD sees US$50 billion exports drop
The global coronavirus outbreak likely caused a US$50 billion decline in worldwide manufacturing exports from China in February alone, UNCTAD reported.
G-7 pledges to fight new coronavirus risks
G-7 finance chiefs vowed to safeguard their economies from the coronavirus outbreak, but did not offer specifics about what they might be prepared to do.
U.K. and France stick to Iran nuclear deal
Britain and France recommitted to the Iran nuclear deal despite the U.S. undermining it and Europeans triggering a process that may reimpose sanctions.
UNCTAD says growth rate fell in 2019
The global economy slowed to a 2.3% growth rate last year, its lowest of the decade, from rising trade tensions and slowing investment, UNCTAD said.
Bond for financing development shows confidence in organizations
The World Bank's benchmark bond was set at its tightest spread to U.S. treasuries in the organization's history.