With two-thirds of the world’s population living in developing countries (excluding China) facing unprecedented economic damage from the corona-virus crisis, the UN is calling for a US$2.5 trillion package for these countries to turn expressions of international solidarity into meaningful global action.
According to UNCTAD, rich countries will face $2 trillion to $3 trillion drop in investment from overseas in the next two years.
The speed of this pandemic will worse the economic situation for developing countries.
The report also calls for the cancellation of this year $1 trillion in debt owed by developing countries and the formation of a $500 billion to fund a Marshall plan for health recovery to be dispersed as grants.