The global economy will contract by a staggering 4.3 percent this year, according to a report by the UN Conference for Trade and Development (UNCTAD). The agency expects global recovery of 4.1 percent in 2021.
The way the world economy is set up is partly to blame for the disproportionate impact on the world’s poorest, who lack the resources necessary to respond to shocks such as Covid-19, said the report.
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