Around 200 countries to meet in Barbados over economic recovery strategies
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Saturday
January 28, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SATURDAY, JANUARY 28, 2023
Around 200 countries to meet in Barbados over economic recovery strategies

Global Economy

TBS Report
06 August, 2020, 12:50 pm
Last modified: 06 August, 2020, 02:23 pm

Related News

  • Rescuing economic growth in highly indebted developing countries
  • COP27: Developing nations demand climate damage fund, say anything less is a betrayal
  • Developing countries, China seek 'loss and damage' fund - draft proposal
  • Developing countries need $1 trillion a year in climate finance
  • Resilience of some emerging nations won’t last: G20 finance chief

Around 200 countries to meet in Barbados over economic recovery strategies

According to UNCTAD’s estimates, developing countries need $2.5 trillion in immediate resources to begin meeting the challenge of the pandemic

TBS Report
06 August, 2020, 12:50 pm
Last modified: 06 August, 2020, 02:23 pm
Around 200 countries to meet in Barbados over economic recovery strategies

United Nations Conference on Trade And Development (UNCTAD) is going to organize its 15th quadrennial ministerial conference (UNCTAD15) in Bridgetown, Barbados to address the massive unmet trade, finance, investment and technology needs of developing countries struggling to tackle the coronavirus crisis.

Prime Minister of Barbados Mia Amor Mottley and UNCTAD Secretary-General Mukhisa Kituyi signed an agreement on August 5 for the hosting of the event to be held from 25 to 30 April 2021, officially setting off preparations for the landmark gathering of the organization's 195 member states.

UNCTAD15 will be held under the theme "From inequality and vulnerability to prosperity for all", offering the nations of the world a platform to devise new ways to use trade as an enabler of sustainable development.

It will be a major global event of the UN's "decade for action" to deliver on Sustainable Development Goals (SDGs), says a press release of UNCTAD.

At the conference, countries will discuss how to get the vulnerable economies quickly back on their feet and trigger the investment needed to enhance their resilience to shocks, including climate change, which exacts a disproportionately heavy toll on small island developing states (SIDS).

According to UNCTAD's estimates, developing countries need $2.5 trillion in immediate resources to begin meeting the challenge of the pandemic. This is beyond the outstanding SDG funding gap of billions.

For example, even before the pandemic, least developed countries (LDCs) alone needed annual investments of $120 billion to achieve the SDG targets.

The pandemic has hit the most vulnerable countries and people hardest. Over 70 million additional people living in LDCs will be pushed into extreme poverty this year, increasing the global poverty headcount ratio for the first time in two decades, according to UN estimates.

Mukhisa Kituyi has said COVID-19 has starkly revealed that the world must transform global approaches to trade and development to chart a sustainable course to a better recovery.

"We need to rebuild entirely from the ground up, because for too many, going back to business as usual is anathema to sustaining prosperity," Dr Kituyi said.

As the number of Covid-19 cases continues to rise in the developing world, the global economy enters a synchronized recession unseen since the Second World War.

To cope with the spiralling economic fallout, developing countries need the galvanized attention of the international community.

UNCTAD15 will offer the focused attention needed to mobilize political will towards the systemic changes needed for a better recovery.

"The Covid-19 global emergency and its extreme repercussions have exposed the need for a fundamental rethinking of many of the assumptions that previously underpinned the international economic order," Prime Minister of Barbados Mia Amor Mottley said during the signing ceremony held virtually.

Covid-19's economic impact is particularly acute in small island developing states such as Barbados, where the services industry, especially travel and tourism, have borne the brunt of the pandemic.

These sectors are the lifeline of SIDS and the main sources of employment for women and small businesses, all of whom are severely affected by the pandemic's economic fallout.

The quadrennial conference is the highest decision-making body of UNCTAD. It sets the organization's work priorities for the next four years.

Top News

UNCTAD / 200 countries / Economic recovery / developing countries

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Bloomberg
    India state insurer doubles down on Adani amid short seller row
  • Photo: TBS
    TBS Roundtable: What lies ahead in 2023
  • Photo: BBC
    Hubble telescope captures supermassive black hole 'eating a star'

MOST VIEWED

  • Photo: DW
    Euro zone lending growth tumbles as higher rates bite
  • A worker sits on a truck being loaded with coal at a railway coal yard on the outskirts of the western Indian city of Ahmedabad, Nov 25, 2013. REUTERS/Amit Dave
    India's low coal stocks threaten electricity supply: Kemp
  • File Photo: Reuters
    ICE to open London gas hub, creating route around EU price cap
  • FILE PHOTO: The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo
    Bankers on Adani $2.5 bln share sale consider delay, price cut after rout
  • Photo: Bloomberg
    India state insurer doubles down on Adani amid short seller row
  • India’s Adani Group launched a share offering for retail investors Friday as it mulled taking legal action against US-based short-selling firm Hindenburg Research over a report that led investors to dump its shares, with some stocks in the group falling up to 20% on Friday.(AP)
    LIC, SBI savings at risk amid Hindenburg vs Adani? Here's what banks said

Related News

  • Rescuing economic growth in highly indebted developing countries
  • COP27: Developing nations demand climate damage fund, say anything less is a betrayal
  • Developing countries, China seek 'loss and damage' fund - draft proposal
  • Developing countries need $1 trillion a year in climate finance
  • Resilience of some emerging nations won’t last: G20 finance chief

Features

Snipe in flight. Photo: Enam Ul Haque

Baikka Beel: 'A world where snipe work late'

4h | Panorama
Photo: Noor-A-Alam

Pet cafes: Where love for food and animals cohabit

6h | Food
Illustration: TBS

How MFS is turbocharging national economy

9h | Thoughts
Now is the time to focus on FDI composition

Now is the time to focus on FDI composition

11h | Panorama

More Videos from TBS

What does Shahrukh has in his 770 million dollar property?

What does Shahrukh has in his 770 million dollar property?

24m | TBS Entertainment
Gold covered mummy discovered in Egypt

Gold covered mummy discovered in Egypt

4h | TBS World
Kajol’s road paintings bring change in Gafargaon

Kajol’s road paintings bring change in Gafargaon

1d | TBS Stories
Carew & Company witnessed a remarkable growth

Carew & Company witnessed a remarkable growth

2d | TBS Stories

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Four top bankers arrested in DSA case filed by S Alam group 
Bangladesh

Four top bankers arrested in DSA case filed by S Alam group 

3
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

4
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

5
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]