Economic issues

Globalization had created a complex interdependence across countries, with many developing nations emerging as powerful players on the world stage, and there was now an urgent need to reflect those changes in the structures and practices of global economic governance, delegates stressed today as the Economic and Social Council continued consideration of those and related issues on day three of its coordination segment.

With the world economy still reeling from the profound repercussions of the global economic crisis, which had rocked financial markets in the North and threatened to reverse recent gains in developing countries, the Economic and Social Council today examined the United Nations short- and long-term response, which was seen as critical to the achievement of the Millennium Development Goals.

Improving global health required a life-cycle approach, providing essential health services in an integrated package that included maternal, newborn and child health, sexual and reproductive health, and adequate budgeting for HIV/AIDS and malaria, United Nations experts stressed today as the Economic and Social Council opened its coordination segment under the theme of “implementing the internationally agreed development goals and commitments in regard to global public health”.

Reaffirming the vital role of women as agents of development, the ministers and heads of delegations participating in the high-level segment of the Economic and Social Council’s 2010 substantive session declared today that gender equality, empowerment of women, the full enjoyment of their human rights, and the eradication of poverty were essential to socio-economic development, including achievement of all of the Millennium Development Goals.

In parallel meetings today, the Economic and Social Council wrapped up its Annual Ministerial Review, spotlighting actions and progress aimed at achieving the global agenda on women’s issues, as it also began its general debate, which heard nearly 50 Government delegations outline their efforts to promote higher standards of living, full employment and socio-economic progress — particularly for women and girls — at home and abroad.

The Economic and Social Council today closed its second Development Cooperation Forum amid calls for a “desperately needed” road map to reach the Millennium Development Goals by 2015, and an understanding of areas where attaining the targets would have a multiplier effect, whether by investing in women and girls or supporting capacity for domestic resource allocation.

Amid what many speakers called a complex economic and financial climate, the Economic and Social Council today launched its second Development Cooperation Forum, built around multi-stakeholder dialogues covering various types of global development cooperation, aid allocation and effectiveness, and policy coherence.

Tackling complex development issues required pragmatic decision-making, the President of the Economic and Social Council said today, challenging diplomats to come up with straightforward solutions to the need for higher standards of living and greater socio-economic progress, especially for women, as the 54-member body opened the high-Level segment of its 2010 substantive session.

As the third Global Compact Leader’s Summit concluded this afternoon, more than 1,200 corporate executives, Government ministers, civil society leaders and other participants vowed to step up their efforts to build a sustainable and inclusive global economy, at what they called a critical moment in history.

Businesses and global corporations were stepping up their efforts to become more ethical, sustainable and responsible at just the right moment, United Nations Secretary-General Ban Ki-moon said today, hailing good corporate citizenship as one of the keys to overcoming complex and interlinked crisis — from financial market meltdown to environmental degradation — and to unlocking long-term growth and development for all.