Economic Update: Exports to China could fall by 46% – 40 million unemployed in US – international community needs to revisit finance goals

29th May 2020 (Last Updated May 29th, 2020 15:08)

29 May

According to new UNCTAD research, Global exports of commodities to China could plunge by $15.5 billion to $33.1 billion in 2020.

This is a drop of up to 46% compared with annual growth projections before the coronavirus pandemic hit.

The US Department Of Labor has revealed that over 40 million Americans are now unemployed.

Some 2.1 million registered as unemployed in the past week, which is down from the numbers registering during the week prior.

Sir Suma Chakrabarti, President of the European Bank for Reconstruction and Development (EBRD) said that the:  “International community needs to revisit financing goals for the 2030 global development agenda in order to respond to the economic challenge of the coronavirus pandemic.”

Chakrabarti also noted that: “The Addis Ababa Action Agenda had called for the delivery of much more private sector finance into the global development system. But, even before the onslaught of the coronavirus, only “stuttering progress” had been made in this regard.”