Currently, humanity is facing three major global challenges: the Global Financial Crisis, the Food Crisis and the Climate Crisis. The challenges are inter-related and need to be jointly addressed. However, international cooperation is lacking and global leaders and decision-makers have yet to adopt clear and focused practical measures
for implementing sustainable development on a global scale.
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| http://www.uncsd2012.org/rio20/index.html |
The Global Financial Crisis
The global
economic prospects are marked by uncertainties and vulnerabilities. The fiscal
crisis in Europe has intensified and its growth is slow. The effects have
spread to developing as well as high-income countries with a decline of capital
flows to developing countries by almost half in comparison to the previous
year. Growth in major developing countries has slowed down. These developments
might reinforce each other and lead to more instability. High deficits and
debts in Japan, Europe and the United States represent major challenges that could lead
to adverse shocks. According to the World Bank, in the event
of another global crisis similar to the one in 2008/09, countries would not be
able to recover as quickly as they possess fewer fiscal resources today than in 2008. 