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United Nations Conference

The world financial and economic crisis and its impact on development

The United Nations is convening a three-day summit
of world leaders from 24 – 26 June 2009 at headquarters to assess the worst global economic
downturn since the Great Depression. The aim is to identify emergency and long-term responses
to mitigate the impact of the crisis, especially on vulnerable populations, and initiate a needed
dialogue on the transformation of the international financial architecture, taking into account the
needs and concerns of all Member States. The UN Conference at the Highest Level on the World
Financial and Economic Crisis and its Impact on Development will provide a uniquely inclusive
forum to address issues of urgent concern to all nations.

Recent assessments of the impact of the ongoing economic crisis increasingly highlight the
deteriorating social and political fallout in the least developed countries and middle-income
countries as well. Prospects for an early recovery have faded, forcing countries to prepare for a
prolonged downturn in trade, investment and employment.

In 2009, for the first time in history, global economic growth has entered negative territory.
Credit flows have dried up and major investment firms and lending institutions have been wiped
off the map. Jobs are disappearing by more than a million a month, according to the International
Labour Organization, and trade has dropped at the steepest rate since the Great Depression, the
World Trade Organization observed.

For more information on the conference, visit

Avec la participation de François Houtart (CETRI)

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