South Centre Statement to the Ministers and Governors Meeting of The Intergovernmental Group of Twenty-Four (G24)
At the G-24 spring meeting, an important part of the discussion was about how COVID-19 could result in a setback to the fragile recovery of the world economy from the global financial crisis. Six months later, the current international discussions are about how long the pandemic will remain unchecked and how deep the world economic recession will be. Developing countries are licking their wounds and alarmed at the big financing gap between their plummeted fiscal revenue and skyrocketing financing needs for the pandemic response. The situation is dire. The world has passed the tragic milestone of losing one million lives to the pandemic. Some of the hard-won achievements made in implementing the Millenium Development Goals (MDGs) and Sustainable Development Goals (SDGs) have been reversed. Poverty and hunger will increase for the first time since the 1990s, the number of people facing starvation may double, gender and income inequality has been further widened as a result of the pandemic.