UN Secretary General Antonio Guterres said Wednesday if the world failed to act then Covid-19 pandemic and global economic recession would cause “economic growth recession” for many years to come. Guterres, addressing a meeting over response and recovery from the global health crisis, said the pandemic was not only threatening the 2030 sustainable development plan but the progress already achieved by this plan.
He called on the governments to introduce comprehensive rescue packages which equalled at least 10 percent of the global economy. Guterres underlined importance of financing sustainable development, exploring funding methods for revival plans and rebuilding in a better way. He said developing countries were experiencing growing demands to increase spending, but they were suffering from low tax income, declining exports, domestic investments and remittance.
If the countries lack financial resources to confront the pandemic and revive the economy, said Guterres, “then we will face a health crisis and a slow and painful global recovery.” The UN said many health care systems around the world reached a collapsing point, while a full generation of children would be deprived of education.