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Report of the Inter-agency Task Force on Financing for Development 2020

Financing for Sustainable Development Report

image of Report of the Inter-agency Task Force on Financing for Development 2020

The global economic recession and financial turmoil from Covid-19 are derailing implementation of the Addis Ababa Action Agenda and achievement of the Sustainable Development Goals (SDGs). Even before the pandemic, this report of the Inter-agency Task Force noted that there was backsliding in many areas. Due to the Covid-19 crisis, global financial markets have witnessed heavy losses and intense volatility. Particularly worrisome is the prospect of a new debt crisis. The report highlights both immediate and longer-term actions, including arresting the backslide, to respond to the global pandemic.

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The global economic context and its implications for sustainable development

In early 2020, the Inter-agency Task Force on Financing for Developing (Task Force) members lowered their already tepid growth forecasts due to rapid worldwide spread of COVID-19. Even in the most benign scenario, global growth is now expected to slow further in 2020, with a substantial risk of a global recession. significantly below the decade-low growth of 2.3 per cent in 2019. The baseline outlook is subject to downside risks and uncertainty, including a renewed escalation of trade disputes and a further rise in geopolitical tensions could also affect global growth in the short to medium term. Beyond these risks, the climate crisis continues to pose a rising threat to economic prospects. Without decisive policy action, there is a distinct possibility of a prolonged sharp slowdown in global economic activity.

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