Home / World News / Covid-19 pandemic may trigger worst downturn since Great Depression: UN

Covid-19 pandemic may trigger worst downturn since Great Depression: UN

Both middle-income countries, with 75 per cent of the world's population and 62 per cent of the world's poor, are also highly vulnerable to a debt crisis, said UN Secretary-General Antonio Guterres

UN Secretary General António Guterres (above) has invited world leaders to a Climate Action Summit on September 23 in New York

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UN Secretary General António Guterres | File photo

4 min read Last Updated : Apr 18 2020 | 12:30 PM IST

The Covid-19 pandemic could trigger the worst downturn in the global economy since the Great Depression, UN Secretary-General Antonio Guterres said.

He released his warning in a policy brief, saying the pandemic-induced economic contraction is having "disastrous consequences," including on the ability of countries -- and not just low-income countries -- to sustainably carry debt.

Both middle-income countries, with 75 per cent of the world's population and 62 per cent of the world's poor, are also highly vulnerable to a debt crisis, lost market access and capital outflows, the brief said.

While in the best-case scenario, recovery in developed countries'

Topics : Coronavirus Global economy United Nations global economic crisis

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