New Delhi/Davos, Jan 17 (PTI) Asserting that the world economic recovery from the COVID-19 pandemic is very fragile and uneven, United Nations Secretary-General Antonio Guterres on Monday said the global financial system has failed the low-income countries when they needed it the most.
He also said that rather than indulging in ‘blame and shame’ in meeting emission targets, there is a need to assist the emerging countries in the transition for the global good. He appreciated India’s acceptance of several bilateral forms of support and hoped that the developed countries will help India achieve its target, including on solar energy.
In a special address at the World Economic Forum’s online Davos Agenda 2022 summit, Guterres said the low-income countries have a huge disadvantage, while rising food prices are hitting the recovery very badly especially in low to middle-income nations.
“Global financial system has failed them when they needed it the most and a global solidarity is lacking,” he said.
“The world is recovering from the pandemic, but the recovery is still fragile. Vaccination rates in some countries is seven times higher than the same in African nations,” he said.
He said the economic recovery is slowing down quite substantially and the reasons include geopolitical divides, persisting labour market issues, debt traps and a lingering pandemic.
“In the last two years, we all have learnt a simple truth — If we leave anyone behind, we leave everyone behind,” he said while emphasising the importance of a fully-inclusive recovery from the pandemic.
Without an immediate action to support the developing countries, inequality and poverty will deepen and that would result in social unrest and more violence. “The world is marching down a path laden with risk. We cannot afford this instability,” he said.
Guterres posed three ‘asks’ to global leaders to support developing world and sidestep greater global challenges: drive equity and fairness; reform the global financial system; and support real climate action. PTI BJ MR
