Translation. Region: Russian Federation –
Source: United Nations – United Nations –
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14 September 2009 The 56th session of the Council is taking place in Geneva this week United Nations Conference on Trade and Development (UNCTAD). Addressing the meeting, UNCTAD Secretary-General Supachai Panitchpakdi stated that while "mega-packages" to stimulate the economy have slowed the decline, they have not yet led to a recovery from the crisis.
Supachai Panitchpakdi noted the optimistic reports from businesses, the media, and a number of governments about the first signs of global economic recovery, emphasizing that their conclusions are based on the revival of activity in the financial sector, which was the source of the current turmoil. He called on governments to abandon excessive reliance on "financial algorithms" and instead seek long-term multilateral solutions to resolve the financial crisis and global imbalances, taking into account the interests of developing countries.
The head of UNCTAD fears that falling profits in the real economy, excessive investment previously directed toward real estate, and rising unemployment will continue to limit consumption and development. He emphasized that millions of people worldwide remain unemployed. The head of UNCTAD noted that this year, an additional 53 million people worldwide will fall below the poverty line.
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