ECOSOC

ECOSOC

 

Agenda- To discuss different ways to tackle economic recession during and post covid outbreak keeping SDG's in mind. 

Certainly, COVID-19 has been a hurdle for every one of us and it has essentially wiped a chunk of progress we had made in past decade. The council finds itself responsible for saving the world from the aftermaths of this situation and plan towards the recovery of the wreck that we have witnessed till now by setting goals and establishing defence mechanism to prevent worsening of economies around the world. 
 The 2020 stock market crash is a global stock market crash that began on 20 February 2020. On 12 February, the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 Index all finished at record highs (while the NASDAQ and S&P 500 reached subsequent record highs on 19 February). From 24 to 28 February, stock markets worldwide reported their largest one-week declines since the 2008 financial crisis, thus entering a correction. Global markets into early March became extremely volatile, with large swings occurring in global markets. On 9 March, most global markets reported severe contractions, mainly in response to the COVID-19 pandemic and an oil price war between Russia and the OPEC countries led by Saudi Arabia. This became colloquially known as Black Monday. At the time, it was the worst drop since the Great Recession in 2008.