Excellencies,
Distinguished colleagues,
I thank the President of the General Assembly for convening this series of informal thematic consultations on Our Common Agenda, and inviting the UN System to actively contribute to it.
After expanding 5.5 percent in 2021, the global economic recovery is slowing. As global markets tighten, unsustainable external debt burdens, and increasing debt-servicing costs, are putting a rising number of countries on the verge of a debt crisis.
Sixty percent of LDCs and other low-income countries, are already in, or at high risk of debt distress – up from 28 percent in 2015. Among rising debt vulnerabilities, progress on debt crisis prevention and resolution, acquires renewed urgency. This includes in middle income countries, building on the support provided by the international community since the start of the crisis.
Inequalities within and between countries are intensifying. And they are emerging as a longer-term consequence of the pandemic. Indeed, it will be critical to have:
- modernized, progressive tax systems,
- international tax cooperation geared at fighting tax evasion and avoidance, and
- more effective tax collection.
The taxation of the increasingly digitalized and globalized economy, continues to challenge the fairness, and effectiveness, of the international tax system. As political agreement on this topic moves towards codifying the rules for implementation, it will be crucial that asymmetrical impacts, on countries at different levels of development, are addressed. An inclusive recovery entails addressing rising inequalities. For instance, through domestic reforms in the area of wealth taxes.
The Biennial Summit at the Head of State and Government level, between the members of the G20 and the members of ECOSOC, the Secretary-General, and the heads of the international financial institutions proposed in Our Common Agenda,would complement the follow-up to the intergovernmental process on financing for sustainable development.
By leveraging the respective strength of each body, the Summit will be crucial to build a strong recovery and generate a much-needed SDG investment boost to get the 2030 Agenda back on track, in line with the Addis Ababa Action Agenda.
Excellencies,
The pandemic has driven home the urgency of adequately accounting for all aspects of sustainable development. Essential activities, such as the unpaid care of children and older persons, the conservation of nature, and protection of the planet, are not easily captured through market measures.
A record number of least developed countries – 17 in total – are set to exit this category, or have recently graduated at a time when many face specific vulnerabilities. How we measure progress, must incentivize investments that support an inclusive, green, and sustainable recovery.
The UN Statistical Commission adopted the System of Environmental Economic Accounting last year. Updates to the 2008 System of National Accounts, in course, will provide important indicators and measures for policymakers, that go beyond measures of economic performance.
Our Common Agenda’s call on Member States and others “to already begin implementation of the recent SEEA Ecosystem Accounting … and to consider existing complements or alternatives to GDP”, will provide energy to these efforts to achieve the SDGs.
I look forward to Member States’ feedback. Together, we can take actions that will ensure no one is left behind in this Decade of Action.
I thank you.