Economic issues

With information and communications technology increasingly driving development in everything from business to health-care services to education programmes, it was imperative that all countries had the necessary broadband connectivity, speakers told the Second Committee (Economic and Financial) today.

The Economic and Social Council met this afternoon to adopt the procedures for electing members to the Executive Board of the new United Nations gender entity, and to fill vacancies in three of its subsidiary bodies.

In efforts towards meeting the Millennium Development Goals by 2015, it would be impossible to tackle poverty effectively and comprehensively without both understanding its multidimensional nature and creating decent employment opportunities for all, the Assistant Secretary-General for Economic Development in the Department of Economic and Social Affairs told the Second Committee (Economic and Financial) today.

With five years left until the 2015 deadline for meeting the Millennium Development Goals, and millions of people being pushed deeper into poverty worldwide, the international community must take immediate and comprehensive remedial action at the regional, national and international levels, delegates emphasized today as the Second Committee (Economic and Financial) considered the eradication of poverty and other development issues.

Although once well regarded as a powerful tool for strengthening cooperation and accelerating growth, globalization had resulted in disastrous consequences for developing countries, speakers stressed today as the Second Committee (Economic and Financial) took up its agenda item on globalization and interdependence.

Given the myriad challenges still facing least developed countries, small island developing States, and landlocked developing countries due to multi-dimensional global crises, the international community must work to establish a new, targeted and action-oriented programme of action at the Fourth United Nations Conference on Least Developed Countries next May, several speakers stressed today.

After the 2015 target year for realizing the Millennium Development Goals, global policymakers should consider replacing the current economic categories of countries by classifying them in a manner more appropriately reflecting their socio-economic situations and challenges, the Minister for Foreign Affairs of Bangladesh told the Second Committee (Economic and Financial) today.

Despite encouraging progress in strengthening the financing for development follow-up process, more must be done to ensure full implementation of the Monterrey Consensus and the Doha Declaration, delegates in the Second Committee (Economic and Financial) emphasized today.

Concerned that the recent increase in funding for United Nations development activities could taper off or even reverse course this year because of the global economic crisis, several delegates in the Second Committee called today for a steady incoming flow of cash, as well as greater balance between the funding of core and non-core activities.

With developing countries having unfairly borne the brunt of the global economic and financial crisis while experiencing an effective worsening of their vulnerabilities, the international community must consider establishing a mechanism to help them overcome debt distress and achieve debt sustainability, several representatives stressed today, as the Second Committee (Economic and Financial) began its consideration of macroeconomic policy questions.