20 May 2012

Nigeria: UN Seeks to Tackle Global Economic Crisis

United Nations Secretary General, Mr. Ban Ki-moon, has called for a new paradigm for growth that would ensure social inclusiveness, job opportunities, and more accountability from the financial sector to tackle current global economic crisis.

Addressing a high-level thematic debate on world economy at the UN headquarters in New York, Ban gave a frank assessment of the state of the global economy saying, "Let us face the facts: the old model is broken. We need to create a new one - a new model for dynamic growth."

He therefore canvassed for a new "paradigm based on stable economies and decent jobs and opportunities for all," adding that it was time to recognise human capital and natural capital were important as financial capital.

While noting that since the global financial crisis began, millions of people had lost their jobs and income, the UN scribe harped on the need for governments around the world to address the issue and actively seek to create new income sources over the next years.

Ban said, "Worldwide, more than 400 million new jobs will be needed over the next decade. That means that policy-makers must get serious, now, about generating decent employment."

In his own remarks at the thematic debate where various speakers - including the President of the European Commission, José Manuel Barroso, Nobel Prize Laureate and President of Columbia University, Joseph Stiglitz, and former head of the United States Federal Reserve, Paul Volcker - expressed their views on the state of the world economy, President of the UN General Assembly, Nassir Abdulaziz Al-Nasser, called for a coordinated approach that would give developing countries a greater role in decision-making.

He also said such approach should give priority to helping the most vulnerable sectors of society, who were the hardest hit by the economic crisis.

Al-Nasser said, "Our overarching priority must be to implement an effective and globally coordinated policy that serves to place the world economy on the path of sustained growth and development."

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