Coronavirus pandemic is most challenging crisis since World War-II, says Antonio Guterres

United Nations Secretary-General Antonio Guterres has called Coronavirus (COVID-19) pandemic the most challenging crisis the world has faced since World War-II. Secretary-General was speaking about the situation while launching a new report titled, 'Shared Responsibility, Global Solidarity: Responding to the Socio-Economic Impacts of COVID-19'.

Guterres also said that the pandemic will lead to an economic recession without any parallel in the recent past. He termed it much more than a health crisis and said the pandemic is a human crisis which demands coordinated, decisive, inclusive and innovative policy action from the world's leading economies. With this, he called for maximum financial and technical support for the poorest and most vulnerable people and countries.

Measures to cope with coronavirus impacts

** Global actions must include a stimulus package reaching double-digit percentage points of the world's GDP, with explicit actions to boost the economies of developing countries.

** Regional mobilization must examine impacts, monetary coordination, fiscal and social measures while engaging with the private financial sector to support businesses and addressing structural challenges.

** National solidarity needs to prioritize social cohesion and provide a fiscal stimulus for the most vulnerable along with support to small- and medium-sized enterprises, decent work and education.

What the report has to say on the socio-economic situation in 2020?

The report based on some estimates says the socio-economic situation will be grim in 2020. Grim 2020 socio-economic estimates: The report includes estimates from a host of UN agencies. Estimates used to prepare the report:

** According to the UN International Labour Organization (ILO), five to 25 million jobs will be eradicated, and the world will lose $860 billion to $3.4 trillion in labour income.

** The UN Conference on Trade and Development (UNCTAD) projected a 30 to 40 per cent downward pressure on global foreign direct investment flows while the World Tourism Organization (UNWTO) saw a 20–30 per cent decline in international arrivals.

** Meanwhile, the International Telecommunication Union (ITU) anticipated that 3.6 billion people will be offline and the UN Educational, Scientific and Cultural Organization (UNESCO) forecast that 1.5 billion students out of school.

The report calls for a large-scale, coordinated, comprehensive multilateral response that amounts to at least 10 per cent of global gross domestic product (GDP) and warns that there is no time to lose in mounting the most robust, cooperative health response the world has ever seen.

Mr Guterres has called the pandemic "a defining moment for modern society". He added, "With the right actions, the COVID-19 pandemic can mark the beginning of a new type of global and societal cooperation."