At least $982 billion in fiscal stimulus is needed to respond to the immediate labor market shocks of the crisis and support a just transition, as well as $1.2 trillion per year for social protection floors in low- and middle-income countries. No advanced economy has achieved economic and social progress without investing in social protection systems and high-quality public services that provide people with the support they need to cope with the vicissitudes of their lives.
Investing in job-intensive growth, social protection, and a just transition to a net-zero emissions future, particularly in low- and middle-income countries, could prevent further deepening of the inequalities between developed and developing countries that have worsened during the COVID-19 pandemic, UN Secretary-General António Guterres said in a policy paper released today.
While billionaires’ wealth increased by more than $3.9 trillion between March and December 2020, the number of extremely poor people increased by 119 million to 224 million people, in part because of the pandemic’s impact on the workforce-the first increase in poverty in more than 21 years.
The Secretary-General’s letter calls for urgent investment in job-rich, sustainable and socially inclusive recovery. The public and private sectors should mobilize financial resources to significantly increase these investments to put the world back on track to meet the Sustainable Development Goals and address the ever-increasing risks of climate change and environmental degradation that could threaten 1.2 billion jobs – equivalent to 40 percent of the global workforce.