22 October 2013: A joint meeting between the UN General Assembly’s (UNGA) Second Committee (Economic and Financial) and the Economic and Social Council (ECOSOC) took up the issue of the global economic crisis and development. Focusing on ‘Inequality, Growth, and the Global Economic Outlook,’ the event featured expert panelists from the UN Secretariat, international organizations, and academia.

The event took place on 22 October 2013, at UN Headquarters in New York, US. In an opening statement, Ferit Hoxha of Albania, ECOSOC Vice-President and meeting Co-Chair, spoke of the need to strengthen short-term growth and address growing gaps between the rich and poor through equitable growth.

Speakers discussed the nature of inequality and its impacts on development. Shamshad Akhtar, UN Department of Economic and Social Affairs (DESA), spoke of growing inequalities in access to healthcare, education, and social protection, as well as income. Peter Pauly, University of Toronto, said some countries have introduced policies to moderate income and wealth inequality.

Panelists also commented on the global economic crisis and its effects on vulnerable countries. Pingfan Hong, DESA, said price volatility and high rates of unemployment have decreased demand in developing countries and adversely affected world trade. Moazam Mahmood, International Labour Organization (ILO), said economic recovery has been characterized by weak growth and a “hangover” in global unemployment.

In an interactive discussion following the panel, Member States asked questions about: social protection schemes; financial speculation; data on developing countries; and regulations. [Meeting Summary] [UN Webcast]