The pandemic has redefined the world economy in ways that will deepen inequality and can only be reversed if a global transformation in attitudes towards trade and development allows the whole world to recover together, the UN trade body UNCTAD said, in a report.

The Review of Maritime Transport 2020 provides an update on the latest trends in maritime trade, supply, markets, key performance indicators, and legal and regulatory developments. It also includes a special chapter with testimonials from maritime stakeholders and their experiences in coping with the COVID-19 pandemic.

The COVID-19 pandemic has forever changed online shopping behaviours, according to a survey of about 3,700 consumers in nine emerging and developed economies.The survey, entitled “COVID-19 and E-commerce”, examined how the pandemic has changed the way consumers use e-commerce and digital solutions.

llicit financial flows strip government treasuries of needed resources for development expenditure. The report’s findings confirm that such financial flows are high in Africa and have been increasing over time.

The publication titled, ‘Trade and Development Report 2020: From Global Pandemic to Prosperity for All: Avoiding Another Lost Decade,’ finds that the global economy will contract by over 4%, trade will shrink by approximately one-fifth, foreign direct investment will contract up to 40%, and remittances will decrease by over USD 100 billion in 20

The world economy is experiencing a deep recession amid a still-unchecked pandemic. Now is the time to hammer out a plan for global recovery, one that can credibly return even the most vulnerable countries to a stronger position than they were before. The status quo ante, is a goal not worth the name.

In a statement, eight UN organizations stress that international transport and integrated supply chains are critical in recovering from COVID-19 achieving the SDGs.

Worldwide, a loss of trust in multilateralism is weakening the capacity of globalization to deliver a more sustainable and fairer world. Growing awareness of the scale, scope and cost of illicit financial flows is stoking growing scepticism about the power of collective action versus unilateral measures.

During the Special Session of the D-8 Commission Meeting held under the chairmanship of Turkey, UNCTAD presented the key elements of the joint D-8 Organization for Economic Cooperation - UNCTAD Guiding Principles for Investment Policy making. Important agenda items regarding the forthcoming D-8 Summit Meeting were discussed.

The COVID-19 pandemic has caused significant disruptions in the global economy. By the end of the first quarter of 2020, the travel to an abrupt halt and significantly impacted the tourism industry. For many developed and developing countries, the tourism sector is a major source of employment, government revenue and foreign exchange earnings.

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