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UNCTAD chief Rebeca Grynspan said vulnerable nations need more support to face a severe cost-of-living crisis while still trying to recover from the COVID-19 pandemic.

The consequences of a combined health pandemic and a global recession will be catastrophic for many developing countries and halt their progress towards the Sustainable Development Goals.

UNCTAD officials and experts detail a five-point plan to rebalance development and guide a new form of multilateralism.

Written by:Rachid Bouhia and Daniel Munevar Sastre, Globalisation and Development Strategies Division, UNCTAD

When Lehman Brothers declared bankruptcy in 2008, it brought the international financial system to the edge of collapse. Ten years later, the global economy has recovered but is it really "safer, simpler and fairer"?

UNCTAD Secretary-General Mukhisa Kituyi warned Sunday that the road to global investment recovery remains bumpy, with investors reluctant to expand their businesses in the face of widespread economic fragility and policy uncertainty. According to the UNCTAD World Investment Report, global foreign direct investment (FDI) in 2012 contracted by 18 per cent.

Delivering a keynote address at the round table on "Reducing debt vulnerability, managing inflation/deflation," UNCTAD Secretary-General Supachai Panitchpakdi called for attention to be given to deflationary pressures, a systemic approach to debt vulnerability, adequate regulatory system for banks, and regulatory oversight of credit rating agencies.