Global economy projected to show fastest growth in 50 years 

The COVID-19 pandemic will herald the worst economic contraction in the history of Latin American and the Caribbean, with a projected -5.3 per cent drop in activity this year, according to a report by the UN office for the region, ECLAC, published on Tuesday.

Global trade bounced back to a record high early this year, although service industries are still a shadow of their pre-pandemic selves, UN economists UNCTAD said on Tuesday.

Debt-ridden developing countries face years of economic pain brought on by a global growth slowdown, high interest rates and reduced investment, the UN Conference on Trade and Development (UNCTAD) warned on Wednesday.