The President of the UN General Assembly, H.E. Mr. Nassir Abdulaziz Al-Nasser, has written to the UNCTAD Secretary-General expressing "heartfelt gratitude" for UNCTAD's contribution to the debate on the state of the world economy held in New York in May.
The General Assembly President very kindly remarked that "the success of the event would not have been possible" without the contribution of the UNCTAD Secretary-General.
Also enclosed in his letter of thanks was a copy of the summary by the co-chairs (UN Secretary-General Ban Ki-moon and the UNGA President) of the High-level thematic debate on the "State of the world economy and finance in 2012" which has been recently shared with all Member States and Observer Missions.
The summary highlights five key messages emerging from the session:
Deficiencies in the global financial architecture and high fiscal deficits in systematically important economies led to speculation, financial strain and eventually the world financial and economic crisis. Unemployment, especially among young people, remains at high levels worldwide.
The current crisis is of a global nature; remedies need to have a global dimension. The United Nations, through the universal membership of its General Assembly, thus has a central role to play. Facing current global challenges is a collective endeavour.
In achieving global recovery, open markets must be maintained and protectionism avoided. Ways need to be found to stimulate economic growth and create jobs.
The way out of the crisis requires long-term policies. It is imperative to send strong signals to the markets. Strengthening economic governance, repairing the banking systems and setting up financial safeguards are among the principal measures to be taken.
A new growth paradigm envisioning stable economies should prevail, mindful of the fact that fiscal austerity cannot be the sole remedy. Ways must be found to stimulate economies, create decent jobs, and provide social protection, especially to the poor and vulnerable.
