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.
The COVID-19 crisis has delayed many countries’ efforts to advance the process to revise their climate pledges (NDCs) under the Paris Agreement. At the same time, many are seizing the opportunity to leverage NDC processes to guide green recovery and sustainable development.