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"The economic fallout from the shock is ongoing and increasingly difficult to predict, but there are clear indications that things will get much worse for developing economies before
they get better," UNCTAD Secretary-General Mukhisa Kituyi said. The report shows that in two months since the virus began spreading beyond China, developing countries have taken an
enormous hit in terms of capital outflows, growing bond spreads, currency depreciations and lost export earnings, including from falling commodity prices and declining tourist revenues.
Lacking the monetary, fiscal and administrative capacity to respond to this crisis, the consequences of a combined health pandemic and a global recession will be catastrophic for many
developing countries and halt their progress towards the Sustainable Development Goals. "Advanced economies have promised to do 'whatever it takes' to stop their firms and
households from taking a heavy loss of income," said Richard Kozul-Wright, UNCTAD's director of globalisation and development strategies. He added: "But if G20 leaders are to
stick to their commitment of 'a global response in the spirit of solidarity', there must be commensurate action for the six billion people living outside the core G20
economies".
