UNCTAD warns of 2020 global recession
UNCTAD cautioned there is "a clear and present danger" of a global recession in 2020 due to trade tensions, corporate debt and weaker growth worldwide.
Formerly known as UNCTAD, the U.N. agency says it aims to support developing countries in accessing the benefits of a globalized economy more fairly and effectively and in dealing with the potential drawbacks of greater economic integration. It provides analysis, facilitates consensus-building, and offers technical assistance to help nations use trade, investment, finance, and technology as vehicles for inclusive and sustainable development.
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UNCTAD cautioned there is "a clear and present danger" of a global recession in 2020 due to trade tensions, corporate debt and weaker growth worldwide.
UNCTAD is looking at how to solve the climate crisis, particularly how sea level rise impacts small island nations.
Finance leaders from the world's 20 biggest economies projected moderate global growth and recovery later this year and into 2020, but warned of risks from a prolonged trade war.
Businesses and consumers are subject to "a patchwork of rules" from bilateral and regional trade agreements.
The International Maritime Organization requires industry upgrades and streamlining electronic information exchanges.
The biggest beneficiaries are likely to be the E.U., Mexico, Japan, Canada, South Korea, India, Australia and Brazil.
Beyond the repercussions in Washington and Beijing, international organizations said the tit-for-tat tariffs will undercut a broad array of global development efforts.
The release of UNCTAD's report comes amid geopolitical and trade tensions, financial volatility, rising interest rates in rich nations and expected weaker demand for commodities.
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