For Immediate Release
UN Conference on Trade and Development Warns Global Economy is in "Fragile State"
UN Report Launched With Vatican
WASHINGTON - A report released from a UN group calls the global economy "fragile" and urges action on trade, tax and debt policies to improve economic growth. The United Nations Conference on Trade and Development's (UNCTAD) annual "Trade and Development Report" notes rising debt and inequality levels. The report warns that current economic challenges may be more difficult to manage than the 2008 global financial crisis.
"It's clear that economic growth and global inequality are impacted by debt, tax and trade policies," noted Eric LeCompte, the executive director of the religious development coalition Jubilee USA. LeCompte serves on UN experts groups on debt and development. "This report reminds us that we need to learn from the last global financial crisis if we are going to stop the next crisis."
UNCTAD launched the report at the Vatican in partnership with the Pontifical Council for Justice and Peace. Council President Cardinal Peter Turkson warned that low growth was becoming the "new normal" and stressed the need for action to promote development. Cardinal Turkson called trade "a key driver of development" and urged governments to negotiate "fair" trade policies that reduce poverty. Cardinal Turkson participated in this summer's UNCTAD global summit where he and other Vatican officials urged action on debt, tax, trade and predatory market behavior.
"It's critical religious leaders are calling for market behavior that lifts people out of poverty," stated LeCompte. "We need to understand that global policies on debt, tax and trade impact the most vulnerable."
Read the United Nations Conference on Trade and Development's 2016 "Trade and Development Report" or read an overview of the report
Read Cardinal Peter Turkson's remarks at the report launch
Read more about Vatican participation at the UNCTAD global summit