Introduction
With the onset of the COVID-19 pandemic, many have found themselves and their families on shaky economic ground. There are significant inequalities in the degree to which different people have faced exposure, vulnerabilities and the capacity to respond to COVID-19- related shocks, due in part to substantial differences in their experience of economic risk. Such preexisting inequalities have highlighted the extent to which large-scale crises have an uneven impact on the economic security of households and individuals.
Inequalities in education, health and employment result in some groups being more economically insecure than others. Evidence from the United States and Europe,…
UN/DESA Policy Brief #95: What triggers economic insecurity and who is most at risk?
The COVID-19 pandemic and the measures needed to contain its spread have had a devastating impact on the world of work. According to ILO?s latest estimates, the crisis resulted in an unprecedented global loss of 8.8 per cent of working hours, equivalent to 255 million full-time jobs, in 2020 (ILO, 2021). While some workers joined the ranks of the unemployed and are still seeking work, many more have left the labour force altogether. Women, youth and workers in low-skilled jobs, often in the informal economy, have been hit harder than other groups. The longer the distress in labour markets persists, the more the affected workers, their families and their communities run the risk of being…
UN/DESA Policy Brief #94: A changing world of work: implications for the social contract
Introduction
As a region, Africa has seen remarkable progress in socio-economic development in the past two decades. It still experiences, however, high levels of poverty and inequality, food insecurity and malnutrition, high maternal and child mortality, high levels of informal employment, conflicts and the impacts of climate change. The COVID-19 pandemic and these challenges urgently call for effective and efficient measures, including social protection, to achieve the Sustainable Development Goals, including eradicating poverty, and reducing inequality and vulnerability. This policy brief reviews the socio-economic impacts of the COVID-19 pandemic in Africa and the continent?s social…
UN/DESA Policy Brief #93: Social policy and social protection measures to build Africa better post-COVID-19
The World Economic Situation and Prospects (WESP) 2021 addresses the issue of increasing levels of fiscal deficits and public debt, among other topics. To build back better through the SDGs, fiscal policy needs to play an active role. The pandemic?s remaining uncertainties require additional fiscal measures beyond the stimulus measures implemented last year. Such actions are required to prevent the world economy from another implosion of aggregate demand. Governments still need to combat the COVID-19 pandemic and act to alleviate the pandemic?s socioeconomic impact?rising unemployment, poverty, and inequality. Total public debt globally is projected to grow further this year, well beyond…
World Economic Situation And Prospects: March 2021 Briefing, No. 147
COVID-19 is accelerating the pace of digital transformation: implications for social inclusion
Successive lockdowns and confinement measures put in place by governments to curb the spread of COVID-19 are accelerating the pace of digital transformation as information and communications technology (ICTs) are used to sustain daily lives and support business continuity. Recent forecasts expect the number of employees working remotely globally is set to double in 2021 (Chavez-Dreyfuss, 2020). Internet traffic has surged, as individuals are increasingly moving online to work, communicate, socialise, consume and seek entertainment (OECD, 2020). Companies and industries have also been adapting to…
UN/DESA Policy Brief #92: Leveraging digital technologies for social inclusion
Global economic recovery remains precarious ? the projected rebound of 4.7 per cent will barely offset 2020 losses
Global economic outlook
The World Economic Situation and Prospects (WESP) 2021 warns that the COVID-19 pandemic, which has delivered a heavy blow to economic activities worldwide, may exert devastating long-run socio-economic effects, unless global policy responses can ensure a robust and sustainable recovery. Those actions should comprise smart investments in economic, societal and climate resilience, revitalization of global trade, avoidance of premature austerity policies and addressing widening inequalities.
In 2020, world output shrank by 4.3 per cent, over three times…
World Economic Situation And Prospects: February 2021 Briefing, No. 146
Introduction
The pursuit of economic security has long been a core theme underlying the demands of social and political movements across the globe. From the Industrial Revolution in the late 1800s to the global financial crisis of 2008, widespread economic insecurity has been associated with societal and political instability and popular discontent. Indeed, most government spending, from health insurance to pensions, is designed to address economic insecurity in one form or another.
Today, the COVID-19 crisis has served as a reminder of the extent of economic insecurity, even in countries and among groups that previously considered themselves secure. This is likely to have profound…
UN/DESA Policy Brief #91: The politics of economic insecurity in the COVID-19 era
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