Article review: Covid-19 is Preventing Sustainable Investment In Developing Nations
In this article, written by William A. Haseltine, we explore the unfortunate consequences developing countries are facing in wake of Covid-19. In the aftermath of the pandemic, all nations, irrespective of economic size, have suffered. However, developed countries suffered an especially serious crash. Many of these nations depend on foreign assets and tourism. Since tourists are now homebodies for safety reasons, they are on the verge of an economic crash.
“According to the United Nations Development Program, the average income lost for a developing country because of Covid-19 will exceed $200 billion”.
OECD Secretary-General Angel Gurria observed that “Covid-19 is erasing years of progress in development and causing major setbacks… for stressed developing countries.” Of the $379 trillion in overall global financial reserves, only about 20% of those assets are owned by the 122 developing countries.
A substantial cut in support for economic development.
This in results, affects the sustainable innovation and investments. Less sustainable enterprises will take root in their position without financial incentives to foster sustainable development.
We have already seen practices like unregulated mass logging in South America cause vast devastation to regional wildlife and indigenous populations. Efforts to bolster sustainable logging and other sustainable practices will fall if Covid-19 continues to drive economic hav
Though a lot of hope is coming along with the new vaccine, there is still economic recuperation that needs to be recognized within the developing countries. Developed countries need to form a collective to launch programs with goals of helping and empowering countries in need.
Written by Sarah Valliere
Read more on this in his article, click here!
Haseltine, William A. “Covid-19 Is Preventing Sustainable Investment In Developing Nations.” Forbes, Forbes Magazine, 16 Dec. 2020, www.forbes.com/sites/williamhaseltine/2020/12/16/covid-19-is-preventing-sustainable-investment-in-developing-nations/?sh=37c402334e9b.