THEMES

Macro Response

Macro Response
The global economy has entered the most profound economic recession since the Great Depression, with the possibility of a financial crisis, with major implications for vulnerable population groups and households, some of which are already bordering on poverty. COVID-19 is wreaking havoc on already weak economies through containment measures put in place to control its spread. This unprecedented crisis requires unprecedented measures—a massive counter-cyclical fiscal and financial effort is urgently needed everywhere. The Secretary-General has called for a comprehensive multilateral response amounting to the equivalent of 10 percent of global GDP.