Trade and Development Report 2021: from recovery to resilience - the development dimension

The world needs more effective multilateral coordination, without which recovery efforts in advanced countries will damage development prospects in the South and amplify existing inequalities, says UNCTAD’s Trade and Development Report 2021. The pandemic has seen governments in the North abandon parts of the 40-year long neo-liberal policy dogma to protect lives and livelihoods amidst the COVID-19 pandemic and an unprecedented economic contraction. But without a more thorough revision of multilateral rules and norms, inequality will persist, the world will squander financial resources and fail to meet the challenge of the climate crisis, even as growth returns. Through 2025 developing countries will be $12 trillion poorer because of the pandemic; the failure to roll out vaccines could knock another $1.5 trillion from incomes across the South.