COVID-19 Crisis Torpedoes Foreign Investment – UN
In this file photo, The United Nations flag is seen during the Climate Action Summit 2019 at the United Nations General Assembly Hall on September 23, 2019, in New York City. Ludovic MARIN / AFP.Global foreign direct investment flows are likely to plunge by 40 percent this year due to the coronavirus crisis, the UN said Tuesday, with worse expected in 2021.
“The global economy is in a direr situation than it was during the 2008 financial crisis,” UNCTAD secretary-general Mukhisa Kituyi told reporters.Kituyi said the economic impact of COVID-19 would hit developing countries hard, with disruptions to major productive sectors and industries, declining remittances and receipts from tourism and contracting world trade.
Meanwhile all 32 landlocked less-developed countries were struggling with the economic impact of the pandemic on FDI flows — particularly with border closures, the report said.
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