Global Macroeconomic Prospects

GDP growth in developed countries will plunge to ?5.0 per cent in 2020, while output of developing countries will shrink by 0.7 per cent. The projected cumulative output losses during 2020 and 2021?nearly $8.5 trillion?will wipe out nearly all output gains of the previous four years. The pandemic has unleashed a health and economic crisis unprecedented in scope and magnitude.

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

The global economy has suffered a significant slowdown amid prolonged trade disputes and wide-ranging policy uncertainties. Economists warn that economic risks could inflict severe and long-lasting damage on development prospects.

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