Monthly Briefing on the World Economic Situation and Prospects

Robust and coordinated development cooperation will remain critical to ensure that developing countries can weather the storm and accelerate sustainable development of their economies

Urgent and bold policy measures are needed, not only to contain the pandemic and save lives, but also to protect the most vulnerable in our societies.

Gender gaps remain pervasive worldwide, constraining economic potential; most countries are not on track to achieve the SDG target 8.5 ?equal pay for work of equal value? by 2030; eliminating gender inequalities requires legal reforms, financial incentives and shifts in societal attitudes

According to the WESP 2020, sluggish global growth threatens sustainable development; 1 in 5 countries will see per capita incomes stagnate or decline this year, notably in Africa, Latin America and parts of Western Asia; across the world, many policies continue to encourage the use of fossil fuels

As energy demand is rising globally, it is imperative to transition to clean energy; the status of natural gas as a ?transition fuel? is waning; the automotive sector in Europe is undergoing dramatic changes

Lack of innovation a key structural challenge for many developing countries; economic diversification impeded by structural barriers in the CIS and Africa; weak productivity growth contributing to bleak economic outlook in Latin America

The global commodity price shock of 2014-2016 has caused setbacks in the fight against poverty; poverty eradication in Africa by 2030 is increasingly becoming out of reach; the humanitarian crisis in Yemen is exacerbating the poverty situation

Prolonged trade tensions exacerbating the cyclical slowdown in the global economy Global automobile production contracts amid higher tariffs and policy uncertainty Further easing of macroeconomic policies as external headwinds to growth rise

Carbon pricing is a vital policy tool to address the unfolding climate crisis Amid rising global temperatures, drought forces Australia to import wheat for the first time in a decade Debt-for-climate swaps are an innovative?development financing instrument