UN honcho calls for a joint response to recession

On Sunday, UN secretary general Antonio Guterres counselled governments to work together to stop the coronavirus pandemic from plunging the global economy into recession. The honcho of the international body said that no country can face this contagion alone and that the deadly disease is infecting the global economy. “More than ever, governments must cooperate to revitalise economies, expand public investment, promote trade and ensure that people and communities affected by the disease are supported,” he stated.

The International Monetary Fund, had world GDP growth of 3.3%, although this was before global disruptions, shutdowns and plunging oil prices. IHS Markit, research firm, this week reduced its forecast for global growth to 1.7%.