The UN has warned that the economic downturn due to the pandemic could wipe out the gains of the last four years, at a cost of $8.5 trillion (£6.9 trillion) in economic activity.
Its assessment of global prospects says that more than 30 million people are likely to fall into extreme poverty this year, mainly in Africa.
The UN expects the rich economies to shrink more at 5%, but for the developing world even the more moderate decline predicted means a marked increase in poverty.
For many of those countries, the report says, the costs of fighting the pandemic and economic stimulus measures will be prohibitive.
It also says governments in developing countries are spending an ever-increasing share of their revenue on debt interest.
Separately a group of leading politicians, including the former US presidential candidate Bernie Sanders, has called for the cancellation of some of the debts owed by the poorest countries.
Latest Stories
-
Yaw Nsarkoh: Bit by bit we will understand China
2 hours -
Looted and returned: Asante royal artefacts on display for public viewing at Manhyia Museum
3 hours -
Suspected killer in Kasoa land dispute shooting not a National Security operative
3 hours -
Ghana appoint four Para Athletics coaches in Preparation for Paris 2024
3 hours -
Kumasi Cheshire Home decries inadequate equipment; seeks public support
4 hours -
UCL: Niclas Fullkrug hands Dortmund first leg advange over PSG
4 hours -
GPL: Accra Lions beat Hearts of Oak to go third
5 hours -
Seek higher grounds as rains intensify – GMet warns
6 hours -
May Day: Sam Ankrah promises to prioritise welfare and well-being of workers if elected president
6 hours -
Bawumia plans door-to-door campaign for 2024 polls
6 hours -
GAF condemns ‘unprovoked’ fatal shooting of soldier in Kasoa land dispute
7 hours -
OSP’s request for money laundering probe against Cecilia Dapaah baseless – AG advises EOCO
7 hours -
Obofour Raphael releases ‘Asem Yi Di Ka’ EP
7 hours -
‘Operation Clean Your Surroundings’: Popular Kenkey joint and public toilets in Takoradi shut down
8 hours -
GFA boss Kurt Okraku graces Dreams FC’s dinner to celebrate CAF Confederation Cup exploits
8 hours