Economic and Social Council (ECOSOC) Question Of

23rd Annual Session of the Seoul Model United Nations

Forum: Economic and Social Council (ECOSOC) Question of: Developing strategies for rebuilding the economics of less economically developed countries (LEDC) after the Covid-19 pandemic Student Officer: Andrew Choi, Deputy Assistant Chair

Introduction

The current COVID-19 pandemic, more commonly known as the coronavirus pandemic, is considered a global epidemic that is deemed to be severe, leaving a lasting impact on personal health and livelihoods.As the virus is becoming increasingly stringent, on January 30th of 2020, the World Health Organization (WHO) has avowed that the current issue is considered a Public Health Emergency of International Concern.1 Additionally, according to the Center for Systems Science and Engineering (CSSE) at the John Hopkins University (JHU), there are 12million confirmed cases and about five hundred thousand deaths globally as of July 10th.2

This virus has caused consequences to reach further than the spread of the disease itself. Since the condition limits all forms of interaction between individuals, companies, and even between countries, economic growth is hindered. With more than a third of the global population experiencing a lockdown, it is evident that the virus is causing permanent changes in the global economy.3

The pandemic was first introduced in Wuhan, China, in December of 2019.4 With the virus being extremely contagious, it can be spread in numerous ways: close contact between

1 Statement on the second meeting of the International Health Regulations (2005) Emergency Committee regarding the outbreak of novel coronavirus (2019-nCoV), 2020, January 30,https://www.who.int/news-room/detail/30-01-2020-statement-on-the-second-meeting-of-the-internation al-health-regulations-(2005)-emergency-committee-regarding-the-outbreak-of-novel-coronavirus-(2019-nc ov) 2 COVID-19 Dashboard by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University (JHU),2020, July 10,https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html 3 Juliana Kaplan, Lauren Frias. “Our Ongoing List of How Countries Are Reopening, and Which Ones Remain under Lockdown.” Business Insider Australia, Business Insider Australia, 13 Mar. 2020, www.businessinsider.com.au/countries-on-lockdown-coronavirus-italy-2020-3. 4 “Novel Coronavirus – China.” World Health Organization, World Health Organization, 13 Jan. 2020, www.who.int/csr/don/12-january-2020-novel-coronavirus-china/en/.

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23rd Annual Session of the Seoul Model United Nations individuals, small droplets from coughing, sneezing, or even during conversations, and physical contact with a contaminated surface.5 Because of the high transmission of the disease,, global scale communication or work within countries is reduced and even prohibited. With physical labor acquiring most of the LEDC's economy,6 the most vulnerable stakeholders those countries whose labor force production has been halted. Dealing with health issues are considered to spur particular problems in the highly populated urban areas in various developing countries or LEDCs due to the difficulty of social distancing.7 Oksana Abbouda, the head of an organization that is representative of street vendors worldwide, has stated in the BBC's Business Daily radio program that there is rising difficulty among the proposed solutions for issuing the pandemic's economic effects: "[w]e have to make this horrible choice, either to put ourselves at risk [from infection] and continue our informal job or put our families at risk because they will be starving." 8

On a global scale, an example of the economic turmoil associated with a pandemic is its severe effects on the financial markets. One of the most noticeable results is the Russa-Saudi Arabia oil price war, which has spurred after the failure of reaching a compromise within the Organization of the Petroleum Exporting Countries (OPEC) that resulted in an economic downfall on the oil prices and stock market in March of 2020. This failure of the agreement, the amount of oil experienced the most extensive single week decline since 2008.9 Besides, the crisis caused international attention and demands towards transport fuels to reduce: approximately

5 “Q&A On Coronaviruses (COVID-19).” World Health Organization, World Health Organization, 17 Apr. 2020, www.who.int/emergencies/diseases/novel-coronavirus-2019/question-and-answers-hub/q-a-detail/q-a-cor onaviruses. 6 “The LeasT DeveLopeD CounTries ReporT 2013 Growth with Employment for Inclusive and Sustainable Development.” United Nations Conference on Trade and Development, United Nations, 2013, unctad.org/en/PublicationChapters/ldcr2013_ch3_en.pdf. 7 Walker, Andrew. “Developing World Economies Hit Hard by Coronavirus.” BBC News, BBC, 23 Apr. 2020, www.bbc.com/news/business-52352395. 8 “Business Daily - Can Africa's Informal Economies Survive Lockdown? - BBC Sounds.” BBC News, BBC, www.bbc.co.uk/sounds/play/w3csz7j4. 9 “Oil Posts Biggest Weekly Loss since 2008.” CNBC, CNBC, 13 Mar. 2020, www.cnbc.com/2020/03/13/oil-markets-coronavirus-brent-crude-futures-in-focus.html.

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23rd Annual Session of the Seoul Model United Nations ninety percent of which are from crude oil.10 Also, there has been an extraordinary situation where some oil prices were below zero.11

The global spread of the virus has caused a detriment in the financial market, but the rise of the pandemic also caused an increase in issues regarding food security in various developing countries in Africa. With weak healthcare systems in the region, lockdowns in those countries are producing the economies to fall in severe damage. Besides, these countries receive potentially less public attention, contributing to the risk of lives and livelihoods. More specifically, countries in Africa will experience severe food crises if the food system cannot cope. Several LEDCs in Africa are experiencing food prices spike initially due to panic buying, transport restrictions, and rising food imports. Specifically, in Zimbabwe, South Sudan, and Sudan, prices increase rapidly due to tight food supplies. The cause of such impact also includes the disruptions to trade flows and market functions related to COVID-19.12 According to the World Bank, the primary reason for such a consequence is that the coronavirus impacted both demand and the supply of commodities, directly correlated with the shutdowns of "supply chains, indirect effects as economic growth stalls."

Effects have already been dramatic, particularly for products related to transportation.13 On the note of countries that rely on farming, COVID-19-related transport restrictions have made it unusually challenging to farmers who need seeds, fertilizers, crop protection products, equipment, and animal feed to rural farmers in time for planting season. The lack of such material provided by suppliers would disrupt the production of crops and staples. Restrictions on international trades also triggered additional higher post-harvest losses, as unsold and rotting food accumulated on the farm.

10 Walker, Andrew. “Developing World Economies Hit Hard by Coronavirus.” BBC News, BBC, 23 Apr. 2020, www.bbc.com/news/business-52352395. 11 “Coronavirus: Oil Plunges for a Second Day on Gloomy Outlook.” BBC News, BBC, 22 Apr. 2020, www.bbc.co.uk/news/business-52367052. 12 Blanke, Jennifer. “Economic Impact of COVID-19: Protecting Africa's Food Systems from Farm to Fork.” Brookings, Brookings, 24 June 2020, www.brookings.edu/blog/africa-in-focus/2020/06/19/economic-impact-of-covid-19-protecting-africas-food- systems-from-farm-to-fork/. 13 “A Shock Like No Other: Coronavirus Rattles Commodity Markets.” World Bank, www.worldbank.org/en/news/feature/2020/04/23/coronavirus-shakes-commodity-markets.

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23rd Annual Session of the Seoul Model United Nations

The pandemic also raises another issue: foreign debt. This issue is most problematic to developing nations since they are more dependent on foreign exchange to enable these countries to pay for imports.14 Especially since currently most developing nations are under high pressure to deal with a health crisis and reassuring its economic consequences, if the government budget was used to focus on debt payments, the country would experience a severe scarcity of resources. Additionally, many national governments cannot adequately fulfill their citizens' needs with an unprecedented global emergency like the coronavirus. As a reaction from the global community, international support is currently lacking when it is most needed.15 There are no signs of assistance from the most economically powerful nations, especially the United States. Many countries in Europe are already preoccupied with spending expenses towards their own medical and economic emergencies.

United Nations Sustainable Development Goals (SDG) shows a high correlation with the improvements in economies in LEDCs. Specifically, SDG 8, "decent work and economic growth," acts on a goal for promoting 'inclusive and sustainable economic growth, employment, and decent work for all.' In regard to the current COVID-19 pandemic, the United Nations had previously acclaimed that their focus would primarily be on the economic shocks and that resulted from the virus (such as financial crises and rising insecurity) and the hindering economic growth.16

The COVID-19 pandemic is the source of various impacts that would not last for months, but perhaps for years. Many believe that the sector that would be affected most would be in regards to the economy. When we recognize that we are currently experiencing the "Decade of Innovations," we should come into a consensus that we already possess useful innovations.

14 Stiglitz, Joseph. “World Must Combat Looming Debt Meltdown in Developing Countries | Joseph Stiglitz.” The Guardian, Guardian News and Media, 7 Apr. 2020, www.theguardian.com/business/2020/apr/07/world-must-combat-looming-debt-meltdown-in-developing-c ountries-covid-19. 15 “Coronavirus Is the Biggest Disaster for Developing Nations in Our Lifetime.” Hungry Cities, hungrycities.net/coronavirus-is-the-biggest-disaster-for-developing-nations-in-our-lifetime/. 16 “Economic Growth – United Nations Sustainable Development.” United Nations, United Nations, www.un.org/sustainabledevelopment/economic-growth/.

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Especially with advanced technology, there are numerous ways to utilize the innovations at hand to solve this mattern including increased and novel communication methods.

Examples for such innovations could include the following: advanced internet connections, methods for online meets. With the current creation at hand in contemporary society, advancements on the internet would help immensely provide the workers in LEDCs to work without worrying about physical contact. Other examples of innovations would include methodologies for factories' working forces to engage in their work even without contacting their peers. Even though such technology would indeed take a long time to be in use; however, it provides an example of a goal delegates should be working towards their resolution.

Additionally, there could be innovations regarding attracting people to tourist sites, opening more job opportunities, and increasing international relations within LEDCs and MEDCs. There are numerous ways the economy of LEDCs are dependent on, such as tourism. Formulating ways for technology or innovation to take part in such economic aspects would ensure economic growth even when coronavirus occurs. Still, most importantly, it provides methods for countries to strive for change after the crisis.

As mentioned above, through enhanced communication technology, the ties between nations worldwide can immensely improve. This improvement on connection could lead to enhanced global scale trades that affect LEDC's economy at its most. With the innovations at hand in the current status quo, the delegates need to focus on specific technological innovations that can benefit such vulnerable nations and help its citizens strive for economic success.

Definition of Key Terms

Less Economically Developed Countries (LEDCs) More commonly known as LEDC, less economically developed countries can also be referred to as developing nations. Although there is no clear distinction of what defines an LEDC, such countries' living standards are considered low and have the worst infrastructure and educational systems. Additionally, the UN created three criteria for defining a country to be an LEDC: gross national income (GNI) per capita, the measurement for income status and availability of resources in the country; human assets index (HAI), the measurement for health

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23rd Annual Session of the Seoul Model United Nations and education of citizens; economic vulnerability index (EVI), structure vulnerability towards economic or environmental disasters.17

Until 2015, the UN's Millennium Development Goals (MDG) set a blueprint to evaluate growth or countries and development institutions. This primary goal includes one that is economic development and aiding the LEDCs.18 With the goal superseding with the Sustainable Development Goals (SDG), the aim towards solving the issue of rebuilding the economy has been continued.

Coronavirus Coronavirus is a broad term for collecting viruses that include many different kinds, and some cause disease. The newly identified type of a coronavirus, SARS-CoV-2 or COVID-19, is currently causing massive economic downshift and a worldwide pandemic of respiratory illness. 19 Patients infected with the virus are most likely to experience mild to moderate respiratory illness and often recover with no specific medical treatment. Individuals who are much older or already experiencing medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more skeptical of the disease. With LEDCs lacking the proper infrastructure to provide necessary medical aid, the effect worsens with patients not properly getting treated. The best way to prevent and slow down transmission is to be well informed about the COVID-19 virus, its causes, and its spread.20

Community Spread According to the Centers for Disease Control and Prevention (CDC), community spread refers to individuals infected with diseases in a public space. It also includes individuals who are not sure how or where they became infected. Each health department determines community spread differently based on local conditions.21 Community spread is a complicated subject to contain because there are asymptomatic or pre-symptomatic individuals but still capable of infecting their peers. Due to this drawback,

17 “LDC Identification Criteria & Indicators | Economic Analysis & Policy Division.” n.d. United Nations. United Nations. Accessed July 21, 2020. https://www.un.org/development/desa/dpad/least-developed-country-category/ldc-criteria.html 18 “Economic Growth and the MDGs.” ODI, 1 June 2010, www.odi.org/publications/4892-economic-growth-and-mdgs. 19 Sauser, Lauren M. “What Is Coronavirus?” What Is Coronavirus? | Johns Hopkins Medicine, www.hopkinsmedicine.org/health/conditions-and-diseases/coronavirus. 20 “Coronavirus.” World Health Organization, World Health Organization, www.who.int/health-topics/coronavirus. 21 “Coronavirus (COVID-19) Frequently Asked Questions.” Centers for Disease Control and Prevention, Centers for Disease Control and Prevention, 15 July 2020, www.cdc.gov/coronavirus/2019-ncov/faq.html.

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23rd Annual Session of the Seoul Model United Nations group activities over ten people are strictly banned or even restricted to prevent the virus's further spread. This causes workers in LEDCs not to gather at factories or their work and earn income. This causes a massive population of workers to suffer from a lack of money and eventually affects their economy.22

Social Distancing Social distancing, or physical distancing, indicates keeping a safe environment between individuals and their peers. It may also be possible that the virus can be spread through physical contact within the contaminated space or object. Therefore, to practice social or physical distancing, the CDC recommends people to stay at least six feet away from others both indoors and outdoors.23

Social distancing should be done in combination with other everyday preventive actions 24to reduce the spread of COVID-19, including wearing cloth face coverings, avoiding touching face with unwashed hands, and frequently washing hands with soap and water.25 Social distancing helps limit opportunities to come in contact with contaminated surfaces and infected people outside the home. Therefore, workers cannot gather in factories where they are often spaced tightly next to one another. Also, without proper sanitation facilities, such as a proper mask or hand sanitizer, it is nearly impossible for workers to work in factories.

Self-quarantine Self-quarantine is a type of strategy used commonly during the spread of a virus. It is vital for individuals that are exposed to the virus and who are at risk for coming down with COVID-19 to practice self-quarantine of at least two weeks; experts believe the two weeks is enough for individuals to figure out whether they are ill and contain the virus.26 Individuals might be asked to practice self-quarantine if they have traveled from a country abroad. Self-quarantine while visiting different countries results in a hindrance of workers traveling

22 “CDC Confirms Possible Instance of Community Spread of COVID-19 in U.S.” Centers for Disease Control and Prevention, Centers for Disease Control and Prevention, 26 Feb. 2020, www.cdc.gov/media/releases/2020/s0226-Covid-19-spread.html. 23 “Social Distancing, Quarantine, and Isolation.” Centers for Disease Control and Prevention, Centers for Disease Control and Prevention, 6 July 2020, www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/social-distancing.html. 24 “How to Protect Yourself & Others.” Centers for Disease Control and Prevention, Centers for Disease Control and Prevention, 24 Apr. 2020, www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/prevention.html. 25 “Use Cloth Face Coverings to Help Slow Spread.” Centers for Disease Control and Prevention, Centers for Disease Control and Prevention, 28 June 2020, www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/diy-cloth-face-coverings.html. 26 “COVID-19 Information.” Fort HealthCare, 20 July 2020, www.forthealthcare.com/covid-19-information/.

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23rd Annual Session of the Seoul Model United Nations abroad and working in different countries. This means that workers without technological devices for communication would lack the opportunity to earn income.27

Epidemic / Pandemic The current virus is currently defined as an epidemic but also a pandemic. In order to deal with the situation more efficiently, delegates need to recognize why the virus is known as a pandemic to come up with viable solutions.

Rochester Regional Health defines an epidemic as an outbreak of a disease that spreads rapidly and influences people at a great multitude. Also, the term encompasses a virus that results in a sudden increase in the number of infected individuals. A pandemic is a type of epidemic; however, it describes the epidemic in terms of the national or global scale of infection. Pandemic also refers to a disease that is often caused by a virus that is not discovered, an illness that humans are not immune to, and a virus that causes social disruption and economic downfall.

By acknowledging the COVID-19 as a pandemic, it allows national and global public health agencies to respond with a higher degree. The term also highly encourages the country's cooperation to control the pandemic. Importantly, the word helps people realize the severity of the disease and act upon the warning. Therefore, it was striking that the WHO has considered the virus to be a pandemic. 28

Support Packages In response to the economic downfall, multitudes of the country's governments have had and begun to provide fiscal packages to help their citizens mitigate through this time. The fiscal packages are specifically for assisting people to revive from the sudden loss of income by companies and households.29 Notable countries that have initiated such plans are US 30, South Korea31, India, and Iran. However such support packages, also called unemployment benefits, does not count towards the GDP since it is not a production from the country. As the virus

27 “Coronavirus, Social and Physical Distancing and Self-Quarantine.” Coronavirus, Social and Physical Distancing and Self-Quarantine | Johns Hopkins Medicine, www.hopkinsmedicine.org/health/conditions-and-diseases/coronavirus/coronavirus-social-distancing-and- self-quarantine. 28 “Pandemic vs Epidemic: Differences and COVID-19 Status.” Pandemic vs Epidemic: Differences and COVID-19 Status | Rochester Regional Health, www.rochesterregional.org/news/2020/03/pandemic-vs-epidemic. 29 Monetary Policy Report. Board of Governors of the Federal Reserve System, 12 June 2020, www.federalreserve.gov/monetarypolicy/files/20200612_mprfullreport.pdf. 30 Knightley, James. “US Fiscal Package: Signed, Sealed, Delivered?” ING Think, ING Think, 25 Mar. 2020, think.ing.com/articles/us-fiscal-package-signed-sealed-delivered/. 31 White, Edward. “South Korea Boosts Coronavirus Crisis Stimulus Package to $200bn.” Subscribe to Read | Financial Times, Financial Times, 22 Apr. 2020, www.ft.com/content/54f5513e-c2fc-4062-acae-538f986a5f65.

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23rd Annual Session of the Seoul Model United Nations continues, the unemployment rate increases causing citizens to rely heavily on the money provided from the government.

Sustainable Development Goals (SDGs) Sustainable Development Goals (SDGs) are an extension of the Millennium Development Goals (MDGs) targeted towards solving the world's most pressing issues at hand. The goal is intended to achieve all 17 goals; all compiled under the theme of "blueprint to achieve a better and more sustainable future for all," by the year 2030.32

As mentioned previously, the agenda focuses on the 8th goal "Decent work and economic growth." With the current economy heavily damaged by the virus, delegates must concentrate on this goal to rebuild the affected countries' economy. It would be useful if delegates can shift their focus especially towards these five main categories the UNDP is focusing regarding the issue: ensuring health services to be available as well as protecting health systems; "helping people cope with adversity, through social protection and basic services"; ensuring jobs are protected; managing "the necessary surge in fiscal and financial stimulus to make macroeconomic policies work for the most vulnerable and strengthening multilateral and regional responses"; "promoting social cohesion and investing in community-led resilience and response systems." 33

Economic Growth The agenda itself heavily focuses on the economic growth of countries that suffer from the virus. However, delegates should first understand why such economic growth is crucial to a nation's economy.

Economic growth is the increase in the production of goods and services over a certain amount of time; it should also remove inflation effects. With the extension, firms can experience increased profit, and stock prices would rise as an effect. This provides firms with the capital for investing and employing more people, resulting in more jobs and a rise in income. With high income leading to high spendings of consumers, the overall economy would experience growth.34

Gross Domestic Product (GDP) Over the course of the report, there have been factors that measure the economic recession: mostly unemployment rate and GDP. Even though GDP is not a perfect measure of well-being, GDP refers to the gross domestic product; it is the total monetary or market value of

32 “Sustainable Development Goals.” UNDP, www.undp.org/content/undp/en/home/sustainable-development-goals.html. 33 “Sustainable Development Goals.” UNDP, www.undp.org/content/undp/en/home/sustainable-development-goals.html. 34 Amadeo, Kimberly. “How Economic Growth Benefits You.” The Balance, 19 May 2020, www.thebalance.com/what-is-economic-growth-3306014.

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23rd Annual Session of the Seoul Model United Nations all produced goods and services of a country. It is a measure to determine the country's economic health.35

Also, it is a factor to observe the growth or recession of the nation's economy.36 It would be necessary for delegates to examine the GDP to determine the severity of the virus on a nation's economy and formulate suitable measures.

Timeline of Key Events

December 31, 2019 - First Case of the New Coronavirus in Wuhan, China According to the Wuhan Municipal Health Commission, the COVID-19 virus caused a cluster of pneumonia cases in Wuhan in December 2019. Based on national authorities' information, the World Health Organization (WHO) recommends that "public health measures and surveillance of influenza and severe acute respiratory infections still apply." However, when the virus was still novel, the WHO recommended any specific measures for travelers. Their only statement was that in case of symptoms suggestive of respiratory illness either during or after travel, travelers are encouraged to seek medical attention and share travel history with their healthcare provider.37 38

January 14, 2020 - World Health Organization(WHO)’s First Statement of the Virus The WHO notes there may have been the limited human-to-human transmission of the coronavirus, and there is a risk of a possible more extensive outbreak. This assumption resulted in the highly increasing cases near countries in China and the fact that the number of cases has not been decreasing. There were not severe restrictions among travelers. However, WHO provided travelers with information regarding the disease.39

35 Chappelow, Jim. “Gross Domestic Product (GDP).” Investopedia, Investopedia, 1 June 2020, www.investopedia.com/terms/g/gdp.asp. 36 Kramer, Leslie. “What Is GDP and Why Is It So Important to Economists and Investors?” Investopedia, Investopedia, 1 June 2020, www.investopedia.com/ask/answers/what-is-gdp-why-its-important-to-economists-investors/.

37 “WHO Director-General's Opening Remarks at the Media Briefing on COVID-19 - 11 March 2020.” World Health Organization, World Health Organization, www.who.int/dg/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid- 19---11-march-2020. 38 “Pneumonia of Unknown Cause – China.” World Health Organization, World Health Organization, 30 Jan. 2020, www.who.int/csr/don/05-january-2020-pneumonia-of-unkown-cause-china/en/. 39 “Novel Coronavirus – Thailand (Ex-China).” World Health Organization, World Health Organization, 16 Jan. 2020, www.who.int/csr/don/14-january-2020-novel-coronavirus-thailand-ex-china/en/.

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January 20, 2020 - First Confirmed Cases Outside Mainland China On 20 January, the first confirmed cases outside mainland China occurred in Japan, South Korea, according to the WHO's first situation report. In its report, the WHO stated the following: "on 15 January 2020, the Ministry of Health, Labour and Welfare, Japan (MHLW) reported an imported case of laboratory-confirmed 2019-novel coronavirus (2019-nCoV) from Wuhan, Hubei Province, China. "On 20 January 2020, National IHR Focal Point (NFP) for the Republic of Korea reported the first case of novel coronavirus in the Republic of Korea."40 Additionally, the first confirmed case in the United States was on the 21st, where a man recognized his developed symptoms of the virus after his trip to Wuhan. With this incident, the government has placed stricter observatory systems within their nation's airports.41

January 30, 2020 - The WHO declared the virus a global health emergency Amid thousands of new cases in China, a “public health emergency of international concern” was officially declared by the W.H.O. China’s Foreign Ministry spokeswoman said that it would continue to work with the W.H.O. and other countries to protect public health, and the U.S. State Department warned travelers to avoid China.

On January 30, the WHO China’s Foreign Ministry spokeswoman declared the virus to be a global health emergency of international concern and needs work with the WHO and other countries to protect public health, and the U.S. State Department warned travelers to avoid China.42 The WHO also reconvenes its organization’s Emergency Committee, two days after the first reports of limited human-to-human transmission outside China.43

February 11, 2020 - February 12, 2020 - WHO hosts the Research and Innovation Forum on COVID-19 Between February 11th to the 12th, the WHO hosted a Research and Innovation Forum on COVID-19, which was participated by approximately 400 experts and funders worldwide. Hosted in collaboration with GloPID-R (the Global Research Collaboration for Infectious Disease Preparedness), the meeting has brought together major research funders and over 300 scientists and researchers from a large variety of disciplines. The meeting discussion topic involved the aspects of the outbreak and ways to control it: the history, transmission, and

40 World Health Organization, 2020, Novel Coronavirus (2019-NCoV) SITUATION REPORT - 1 21 JANUARY 2020. 41 Rabin, Roni Caryn. “First Patient With Wuhan Coronavirus Is Identified in the U.S.” The New York Times, The New York Times, 21 Jan. 2020, www.nytimes.com/2020/01/21/health/cdc-coronavirus.html. 42 Wee, Sui-lee, et al. “W.H.O. Declares Global Emergency as Wuhan Coronavirus Spreads.” The New York Times, The New York Times, 30 Jan. 2020, www.nytimes.com/2020/01/30/health/coronavirus-world-health-organization.html. 43 “Archived: WHO Timeline - COVID-19.” World Health Organization, World Health Organization, www.who.int/news-room/detail/08-04-2020-who-timeline---covid-19.

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23rd Annual Session of the Seoul Model United Nations diagnosis of the virus; research on the origin of the virus, including management measures at the human-animal interface; prevention towards getting infected including best ways to protect health care workers; and many more. These experts also outlined mechanisms for continuing scientific interactions and collaborations beyond the meeting. They worked with research funders to determine how necessary resources can be mobilized so that critical research can start immediately.44

February 16, 2020 - February 24, 2020 - WHO-China Joint Mission The WHO-China joint mission had experts from Canada who participated in the WHO-China Joint mission, Germany, Japan, Nigeria, the Republic of Korea, Russia, Singapore, and the US (CDC, NIH) spent time in Beijing and traveled to Wuhan and two other cities. They spoke with health officials, scientists, and health workers in health facilities (maintaining physical distancing).

The primary objectives of the Joint Mission include but are not limited to: to understand the evolving COVID-19 outbreak in China and the nature and impact of ongoing containment measures; to share knowledge on COVID-19 response and preparedness measures in countries affected by or at risk of importations of COVID-19; to generate recommendations for adjusting COVID-19 containment and response measures in China and internationally.45

March 11, 2020 - WHO declares the virus as a pandemic and COVID Action Platform launched The WHO assesses that the new coronavirus can be officially named a pandemic mainly because of the rapid increase in global cases.46 The WHO assesses that the new coronavirus can be officially named a pandemic mainly because of the rapid increase in global cases.

The World Economic Forum has launched the COVID Action Platform on March 11 and has brought more than a thousand stakeholders from 1106 business and organizations to help mitigate the risk and economic impact of the unprecedented global health emergency of COVID-19. This platform is created with the support of the World Health Organization and has

44 “World Experts and Funders Set Priorities for COVID-19 Research.” World Health Organization, World Health Organization, www.who.int/news-room/detail/12-02-2020-world-experts-and-funders-set-priorities-for-covid-19-research.

45 2020, Report of the WHO-China Joint Mission on Coronavirus Disease 2019 (COVID-19), www.who.int/docs/default-source/coronaviruse/who-china-joint-mission-on-covid-19-final-report.pdf. 46 “WHO Director-General's Opening Remarks at the Media Briefing on COVID-19 - 11 March 2020.” World Health Organization, World Health Organization, www.who.int/dg/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid- 19---11-march-2020.

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23rd Annual Session of the Seoul Model United Nations opened its program to businesses and industry groups and other stakeholders, aiming to integrate and inform joint action.47

March 13, 2020 - Solidarity Response Fund launched The WHO launched the COVID-19 Solidarity Response Fund and is opening for donations from private launched individuals, corporations, and institutions. The WHO aims for bondage between governments, organizations from across industries and sectors, and individuals to help respond to this global outbreak. They also aim towards the outpouring of global solidarity, and support sparked by this shared challenge.48

June 14, 2020 - International Monetary Fund first statement on the economic impact of the COVID-19 On April 14th, the International Monetary Fund (IMF) predicted that the global economy was headed for its worst downturn since the Great Depression. The IMF also proposed that the global economy would contract by "three percent in 2020, an extraordinary reversal from early this year when the fund forecast that the world economy would outpace 2019 and grow by 3.3 percent."49

June 20, 2020 - International Monetary Fund second statement on the economic impact of the COVID-19 On June 20th, the IMF added by stating that the pandemic is also a cause of curtailed global trade flow, which is estimated to be contracted by about 3.5 percent. Additionally, the WHO estimates that this sharp global trade fall was during the first half of the year.50 However, despite the setback, businesses began to reopen, and the fund noted that voluntary social distancing and enhanced workplace safety standards were weighing on economic activity.51

47 Banga, Karishma, et al. “COVID Action Platform.” World Economic Forum, wef.ch/COVIDActionPlatform. 48 “COVID-19 Response Fund.” World Health Organization, World Health Organization, www.who.int/emergencies/diseases/novel-coronavirus-2019/donate. 49 Rappeport, Alan, and Jeanna Smialek. “I.M.F. Predicts Worst Downturn Since the Great Depression.” The New York Times, The New York Times, 14 Apr. 2020, www.nytimes.com/2020/04/14/us/politics/coronavirus-economy-recession-depression.html?action=click. 50 Rappeport, Alan. “I.M.F. Predicts Deeper Global Downturn Even as Economies Reopen.” The New York Times, The New York Times, 24 June 2020, www.nytimes.com/2020/06/24/business/imf-world-economic-outlook.html. 51 Wee, Sui-lee, et al. “From China to Germany, the World Learns to Live With the Coronavirus.” The New York Times, The New York Times, 24 June 2020, www.nytimes.com/2020/06/24/world/europe/countries-reopening-coronavirus.html.

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Ways that the IMF takes in the current status quo relates to providing countries economic stability. These methodologies are including the sum of money that is often funded towards countries that are in need. Recently the IMF has been supporting governments with about $1 trillion. IMF has officially stated that "significant progress has been made in implementing a package on IMF resources and governance reform that would maintain the IMF’s current size through 2023."52

Position of Key Member Nations and Other Bodies

China According to a Morgan Stanley study by Reuters, China's economic growth is expected to be slowed by nearly 1.1 percent in the first half of the year 2020 as the current coronavirus pandemic is detrimental to economic growth.53 On February 1st, 2020, the People's Bank of China reported that pandemic would only affect China in the short run, and its long-term would regain its economic growth.54 Statistically, over the year, on the first trading day after the Spring Festival holiday, the three major indexes were shown to have recorded a low opening score: about 8%.55

More recently, on May 22nd, Chinese Premier Li Keqiang claimed that China would not set any economic growth target for the year for the first time. This is mainly due to the economic contraction of 6.8% compared to the previous year and China facing a considered 'unpredictable" period. To compensate for such a decrease, the Chinese government intends to open up nine million new job opportunities by the end of the year.56

52 “Questions and Answers: The IMF's Response to COVID-19.” IMF, www.imf.org/en/About/FAQ/imf-response-to-covid-19#q1.2. 53 小山 . “武汉肺炎累经济亮红灯上半年减至少一个百分点.” RFI, RFI - 法国国际广播电台, 29 Jan. 2020, www.rfi.fr/cn/%E4%B8%AD%E5%9B%BD/20200129-%E6%AD%A6%E6%B1%89%E8%82%BA%E7%8 2%8E%E7%B4%AF%E7%BB%8F%E6%B5%8E%E4%BA%AE%E7%BA%A2%E7%81%AF-%E4%B8% 8A%E5%8D%8A%E5%B9%B4%E5%87%8F%E8%87%B3%E5%B0%91%E4%B8%80%E4%B8%AA%E 7%99%BE%E5%88%86%E7%82%B9. 54 人民银行：疫情对中国经济的影响是暂时的, www.bjd.com.cn/a/202002/01/WS5e353b8de4b002ffe99402c6.html. 55 MHsays: “Why Is the Stock Market Dropping?” Getpostdoc.com, 10 Feb. 2020, web.archive.org/web/20200212195938/equitybazar.com/why-is-the-stock-market-dropping/. 56 “China Abandons Economic Growth Target for 2020 Due to Coronavirus Pandemic.” South China Morning Post, 16 July 2020, www.scmp.com/economy/china-economy/article/3085553/china-gdp-beijing-abandons-economic-growth-t arget-2020-work.

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United States of America Due to the current coronavirus pandemic, the United States currently undergoes several negative impacts on its economy, including unemployment. It is somewhat chaotic in America, with about four million cases added up to the current date.57

With much of the workforce not working correctly due to lack of technology or companies failing to succeed, the US economy continues its downfall. According to the Congressional Budget Office (CBO), by May of 2020, US experiences: an unemployment rate increase of about 10 percent; decrease in the number people employed by about 25million individual; decrease in consumer spending by about 17%; GDP decrease of 11% and CBO expects a GDP fall at nearly 38& annual rate for the second quarter.58

CBO also expects that in April 2020, the federal budget shortfall within the finance system would be approximately $3.7 million.59 Additionally, in the first quarter of 2020, the health care spendings also decreased by 18 percent, with about 40,000 workers losing their jobs in related fields in March; this number of unemployment continues to increase at a steady rate.60

However with the US currently deciding to pull its funds out of the World Health Organization, the WHO has lost immense support and funds for the organizations to assist the economies of developing countries.

India India is currently reported to have a cumulated case of four hundred thousand since the start of the year.61 Currently, India contains the most COVID-cases out of all the countries in Asia;62 the country currently has over a million cases, and the number of infected individuals continues to rise.63

57 “ United States.” Worldometer, www.worldometers.info/coronavirus/country/us/. 58 “The Unsustainable Long-Term Budget Outlook.” House Budget Committee, 21 June 2017, republicans-budget.house.gov/budget-digest/unsustainable-long-term-budget-outlook/. 59 Posted by Phill Swagel on, and Phill Swagel. “CBO's Current Projections of Output, Employment, and Interest Rates and a Preliminary Look at Federal Deficits for 2020 and 2021.” Congressional Budget Office, 24 Apr. 2020, www.cbo.gov/publication/56335. 60 “Economic Impact of the COVID-19 Pandemic.” Wikipedia, Wikimedia Foundation, 9 Aug. 2020, en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic.

61 “ India.” Worldometer, www.worldometers.info/coronavirus/country/india/. 62 “India Most Infected by Covid-19 among Asian Countries, Leaves Turkey Behind.” Hindustan Times, 29 May 2020, www.hindustantimes.com/india-news/india-most-infected-by-covid-19-among-asian-countries-leaves-turk ey-behind/story-Jjd0AqIsuL3yjMWg29uJ3I.html. 63 “ India.” Worldometer, www.worldometers.info/coronavirus/country/india/.

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This number is relatively low, considering its population; the number of people recovered is higher than the number of currently affected.64 With the high number of cases, India's economy is also experiencing a decline: gross domestic product expects a contraction of about five percent, which is worse than a prediction of a 0.4% decline.65

Global investment bank Goldman's Prachi Mishra Goldman has predicted that the economy would experience a massive 45% decline from the previous quarter (actually, in April, the country's export declined by more than 36% and imports with 47%).66 Rating agency Moody's slashed India's credit ratings to the lowest investment-grade level.67

The stock market took a bearish mode in response to COVID-19. The BSE SENSEX (S&P Bombay Stock Exchange Sensitive Index) fell 2919 and NIFTY 50 (a benchmark Indian stock market index representing the weighted average of 50 of the largest Indian companies) fell 950 points in a single day on 12 March 2020.68

According to India and Southeast Asia economics at Oxford Economics Priyanka Kishore, the country's recovery trajectory is considered weak as the country is currently struggling to "get past the peak of the pandemic.” Kishore also adds that India's policy regarding the economic sector is wholly insufficient. As a response, Prime Minister Narendra Modi proposed that the government provide 20 trillion rupees ($266 billion) to support the economy with continuous lockdown, causing economic downshift. According to Modi, the package would include 10% of India's GDP. However, the program itself was criticized for its effectiveness.

Even before the pandemic, India has been experiencing slow growth due to reduced tax collections while having high spendings. According to Modi, this policy was for the reforming

64 Sahelirc. “India's Economy Was Hit by the Coronavirus Lockdown. These Charts Show How.” CNBC, CNBC, 23 June 2020, www.cnbc.com/2020/06/22/economic-impact-of-indias-coronavirus-lockdown-in-four-charts.html. 65 Sahelirc. “Goldman Sachs Gives India's Growth Forecast a 'Gigantic Downgrade'.” CNBC, CNBC, 22 May 2020, www.cnbc.com/2020/05/22/coronavirus-goldman-sachs-on-india-growth-gdp-forecast.html. 66 F. No. K-12011/3/2020-EPL-1 Government of India Ministry of Commerce & Industry Department of Commerce Economic Division. 15 May 2020, commerce.gov.in/writereaddata/UploadedFile/MOC_637251634305315092_Press%20Release%20April %202020.pdf. 67 “Moody's Cuts India's Rating to Lowest Investment Grade with Negative Outlook.” CNBC, CNBC, 2 June 2020, www.cnbc.com/2020/06/02/moodys-cuts-india-rating-to-lowest-investment-grade-with-negative-outlook.ht ml. 68 Vasudev, Abhishek. “Sensex Crashes 2,919 Points, Nifty Ends At 9,590 In Worst Day For Markets Ever.” NDTV.com, NDTV, 12 Mar. 2020, www.ndtv.com/business/bse-sensex-today-live-market-news-sensex-ends-2919-points-lower-nifty-at-959 0-amid-coronavirus-fear-2193751.

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23rd Annual Session of the Seoul Model United Nations land and labor markets, making the country more competitive, and shifting away from China with the pandemic affecting China at its most.69

Pakistan Pakistan currently has an accumulative 260,00 cases with slightly over 5000 cases of deaths.70 With such a low number of cases, the Government only allocated coronavirus lockdowns in areas with a high number of cases.

The current governor of State bank Reza Baqir explained that a complete lockdown in the country would be detrimental to its economy. he explains that the country's primary source of daily income is from many day laborers, and a lockdown would "abruptly cut off their source of income." He adds by stating that the country's citizens do not have enough savings or income to rely on without any daily income, and probably fall into starvation.

Regarding the monetary policy, Baqir claimed the central bank would provide about $7 billion, 2.5% of GDP, for support towards families and companies. Additionally, several government programs keep people employed; for example, the Plant for Pakistan reforestation program was maintained through the pandemic employing 60,000 people.7172

Saudi Arabia With about 200,000 cases, Saudi Arabia records the highest among the Arabian Gulf States (includes Iraq, UAE).73 To mitigate the virus's further spread, on 27 February 2020, Saudi Arabia reported its temporary closure of Mecca and Medina, both containing religious locations: the Great Mosque of Mecca and the Prophet's Mosque in Madinah. Additionally, in the following month, the country reported closing all religious activities and holdings for such actions to prevent community spread of the coronavirus.74

69 “India to Provide $266 Billion to Boost Pandemic-Hit Economy.” CNBC, CNBC, 13 May 2020, www.cnbc.com/2020/05/12/india-to-provide-266-billion-to-boost-pandemic-hit-economy.html. 70 “ Pakistan.” Worldometer, www.worldometers.info/coronavirus/country/pakistan/. 71 Sahelirc. “Pakistan Central Bank Governor Says Coronavirus Lockdowns Are a 'Luxury of the Rich'.” CNBC, CNBC, 2 July 2020, www.cnbc.com/2020/07/02/pakistan-central-bank-governor-on-economic-challenges-during-coronavirus-p andemic.html. 72 Person. “Virus Infects 97 Politicians in Pakistan.” Arab News, Arabnews, 16 June 2020, www.arabnews.com/node/1690811/world.

73 Khojji, Zaynab. “Saudi Arabia Closes Grand Mosque, Prophet's Mosque between Night and Morning Prayers.” Arab News, Arabnews, 6 Mar. 2020, www.arabnews.com/node/1637341/saudi-arabia. 74 “Saudi Arabia Lifts Coronavirus Curfew.” BBC News, BBC, 21 June 2020, www.bbc.com/news/world-middle-east-53123945.

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Another noticeable measure is regarding curfews. The country has first imposed a curfew between a certain period of the day; however, it extended the time to 24 hours in certain cities with movement restricted to specific periods.75 Speaking of the country's economy, it is severely collapsing due to the current oil price war between the United States and Russia.

With high tension between the two countries, oil markets have collapsed, and President Donal Trump is believed to return 40million barrels of crude to Saudi Arabia. With oil import as the primary source of economic growth for the country, its ties with America have been crucial. However, with the country's affairs (war in Yemen, accounts of human rights abuse), the relationship shifts to its worst. This resulted in about a nine billion dollar budget deficit in the country.76

Iran Iran currently has an accumulated case of over 280,000 cases.77 The virus is also detrimentally impacted by the spread of the current virus with the US's existing unilateral sanctions, its high inflation, and fall oil exports, which were the country's primary source of revenue.7879

The UN expected a total of 15% fall in GDP; affecting half of the country's workforce; the impact of 40$ income declines; raising an additional 2 million unemployment.80 Additionally, The International Monetary Fund (IMF) predicts the economy shrinks by 6% this year, and the country's Parliamentary Research believes 6.43 trillion individuals lose their jobs.81 The

75 “Saudi Arabia's Problems: Coronavirus, the Economy, and Geopolitics.” Begin-Sadat Center for Strategic Studies, 14 May 2020, besacenter.org/perspectives-papers/saudi-arabia-coronavirus-economy-geopolitics/. 76 “Saudi Arabia Triples VAT to Support Coronavirus-Hit Economy.” BBC News, BBC, 11 May 2020, www.bbc.com/news/business-52612785. 77 “ Iran.” Worldometer, www.worldometers.info/coronavirus/country/iran/. 78 Esfandiari, Golnaz. “Iran's Deteriorating Economy, Raging Coronavirus Have Raised Fears Of Renewed Street Protests.” RadioFreeEurope/RadioLiberty, Radio Free Europe / Radio Liberty, 23 July 2020, www.rferl.org/a/iran-s-deteriorating-economy-raging-coronavirus-have-raised-fears-of-renewed-street-prot ests-/30741923.html. 79 “Building Back Better: UN Iran Socio-Economic Recovery Programme Against the Impact of COVID-19 - Iran (Islamic Republic of).” ReliefWeb, reliefweb.int/report/iran-islamic-republic/building-back-better-un-iran-socio-economic-recovery-programme -against.

80 “Building Back Better: UN Iran Socio-Economic Recovery Programme Against the Impact of COVID-19 - Iran (Islamic Republic of).” ReliefWeb, reliefweb.int/report/iran-islamic-republic/building-back-better-un-iran-socio-economic-recovery-programme -against. 81 Esfandiari, Golnaz. “Iran's Deteriorating Economy, Raging Coronavirus Have Raised Fears Of Renewed Street Protests.” RadioFreeEurope/RadioLiberty, Radio Free Europe / Radio Liberty, 23 July

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Argentina The government has responded to the situation with a mandatory lockdown in the country and a strict social distancing measures; the measures have led the country to experience a better look in the number of cases and deaths.However, due to the national lockdown, the economy has suffered a collapse at about 10%. Unfortunately, the country is experiencing several downfalls with the virus: "the informal sector, SMEs, unemployment, debt payments, the rise in the dollar, and inflation."83

Mexico The Mexican government is currently under serious consequence as it is experiencing a major downshift on its economy. On Wednesday, Mexico's central bank predicted the economy could contract by as much as 8.8% in 2020. Pummeled by lockdown measures against coronavirus, Mexico's economy is expected to suffer its most significant contraction in decades this year, with private sector analysts forecasting it will shrink by up to 10% or more.

However, the government's response is underwhelming and inadequate to the current situation. It is not spending expenses on its priorities: projects where funds for the Maya train or the Santa Lucia airport are still in process and not canceled or postponed. The government also has not been extending a lifeline to households and even to businesses. Even though there are recovery packages to the poorest, it does not provide support for the majority of its citizens, leaving them devastated by the pandemic and the lockdown.84

2020, www.rferl.org/a/iran-s-deteriorating-economy-raging-coronavirus-have-raised-fears-of-renewed-street-prot ests-/30741923.html. 82 “Building Back Better: UN Iran Socio-Economic Recovery Programme Against the Impact of COVID-19 - Iran (Islamic Republic of).” ReliefWeb, reliefweb.int/report/iran-islamic-republic/building-back-better-un-iran-socio-economic-recovery-programme -against. 83 June 2nd, 2020 Anabel Marin. “Coronavirus, Crisis and the Real Argentine Economy: Post-Pandemic Challenges.” STEPS Centre, 3 June 2020, steps-centre.org/blog/covid19-crisis-and-the-real-argentine-economy-post-pandemic-challenges/. 84 “The Covid-19 Pandemic Threatens Mexico's Economy.” The Covid-19 Pandemic Threatens Mexico's Economy | Center for Strategic and International Studies, 27 May 2020, www.csis.org/analysis/covid-19-pandemic-threatens-mexicos-economy.

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According to the IMF, Mexico's response is at "fiscal measures amount to 0.2 percent of GDP in health spending and 0.5 percent of GDP to support households and firms." Considered to be the world's most frugal when relief spending is measured as a percentage of GDP.85

WHO The World Health Organization is a preeminent organization committed towards the mitigation of the COVID-19 pandemic. WHO has sponsored initiatives such as the COVID-19 Solidarity Response Fund for fundraising for the epidemic; by April, the fund had gathered about $140 million from more than 200,000 individuals and organizations.86 WHO has also exported about two million personal protective equipment and one million diagnostic test kits to over 120 countries.87

Suggested Solutions

It is foremost vital for delegates to understand the reasons why less economically developed nations are experiencing economic downfall more harshly than developed nations. Additionally, solutions delegates formulate should only focus on the financial aspect of such countries. Therefore, improvement in the medical sectors of a country should all be related to the development of economic growth within LEDCs.

Originally, developing nations’ national income depends on trades with various nations. The exports and imports from and out of the country have experienced a major decline since the majority of the trade has been shut down due to hindrance in firm activities and various external factors.

According to the World Trade Organization, about 90% of the exported goods exported from the LEDCs are sold in about ten major markets globally. Due to the coronavirus outbreak, the demand for export goods is declining, affecting the majority of the export revenue of the LEDCs. Additionally, these LEDCs' export materials are all produced from raw material from China. With a shortage of raw materials, these countries are experiencing shutdowns at factories,

85 “Policy Responses to COVID19.” IMF, www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19. 86 “'Overwhelmed' Health Systems Have Little Room for Sick Refugees, Migrants, UN Agencies Warn | | UN News.” United Nations, United Nations, news.un.org/en/story/2020/04/1061062. 87 “Another 'Tragic Milestone': Reported Cases of COVID-19 Pass 200,000, Says UN Health Chief | | UN News.” United Nations, United Nations, news.un.org/en/story/2020/03/1059912.

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23rd Annual Session of the Seoul Model United Nations affecting about 160,000 workers in Cambodia. 88Another example of a factory shutdown is in Bangladesh, where factories producing clothes have experienced $1.5 billion canceled and affecting about a thousand factories in the field.89

The most notable solution for developing countries, regarding the matter of trading, is to keep their trades open.90 To address such matters, LEDCs should not impose restrictions on trading. This would increase not only the number of raw materials but also medical supplies and food supplies. It is also essential for countries to join initiatives such as the recent joint ministerial statement, which currently only has one LEDC.91

When the trade flow between nations is settled, it can also assist small firms to recover from the economic shock of the virus. In such a situation, small companies that are affected due to the current pandemic are the individuals who are the most vulnerable living in developing nations. With over 90% of the firms in LEDCs having fewer than 50 employees, the majority of the companies are small firms.92

The International Trade Centre states that the small and medium-sized enterprises (MSMEs) experience four phases as the global trade hinders: "shutdown, disrupted supply, depressed demand, and bouncing back in recovery." Delegates should remind that every MSMEs are affected in various ways; therefore, solutions should be formed regarding how each firm is affected.93

The importance of such small businesses is inevitable since they provide goods to the community that large retailers may not be able to offer. Also, countries currently under a

88 Writer, Staff. “Cambodia's Garment Industry Hangs by a Thread.” Nikkei Asian Review, Nikkei Asian Review, 6 Mar. 2020, asia.nikkei.com/Spotlight/Coronavirus/Cambodia-s-garment-industry-hangs-by-a-thread. 89 Devnath, Arun. “European Retailers Scrap $1.5 Billion of Bangladesh Orders.” Bloomberg.com, Bloomberg, 23 Mar. 2020, www.bloomberg.com/news/articles/2020-03-23/europe-retailers-cancel-1-billion-of-bangladesh-garment-o rders. 90 “MARKET ACCESS FOR PRODUCTS AND SERVICES OF EXPORT INTEREST TO LEAST DEVELOPED COUNTRIES.” Https://Docs.wto.org/dol2fe/Pages/SS/Directdoc.aspx?Filename=q:/WT/COMTD/LDCW67.Pdf, 15 Oct. 2019, file:///Users/hjchoi0912/Downloads/LDCW67%20(1).pdf. 91 Canada, Global Affairs. “Joint Ministerial Statement by Australia, Brunei Darussalam, Canada, Chile, the Republic of the Union of Myanmar, New Zealand and Singapore Affirming Commitment to Ensuring Supply Chain Connectivity amidst the COVID-19 Situation.” GAC, 25 Mar. 2020, www.international.gc.ca/gac-amc/news-nouvelles/2020-03-25-joint-ministerial-statement-declaration-mini sterielle-commune.aspx?lang=eng. 92 “The Power of Small: Unlocking the Potential of SMEs.” International Labour Organization, www.ilo.org/infostories/en-GB/Stories/Employment/SMEs.

93 “Export Impact For Good.” ITC, www.intracen.org/covid19/.

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23rd Annual Session of the Seoul Model United Nations nationwide lockdown affect half of the poorest households without any income.94 Therefore, protecting jobs is the essential sector of ensuring economic growth in such nations after this pandemic.

To tackle such a problem is tacking the solutions specifically towards business survival. The World Economic Forum believes that rather than having each countries' government focus on their firms, companies should adopt strategies. These strategies include different measures to decrease the number of spendings but increase its revenue: for example, identify ways to cut costs and shifting products and service offerings to more essential items.95 Besides, delegates should cooperate with the Aid for Trade to help developing nations recover and support the small-sized enterprises.

Another solution for such firms is to adopt innovative measures regarding new technology. For example, creating a platform for consumers to order items or better communication tools for entrepreneurs to access easily. It's critical to maintain the search for utilizing effective behavior change communication techniques remotely, such as having entrepreneurs practice the new technologies. Additionally, the owner of firms can also create

In a recent discussion among UNCTAD, the overall flow of foreign direct investment (FDI) would decline by up to 15%, which would significantly impact developing nations. Such investments have been made in fuels, minerals, and manufacturing sectors in the developing countries. To battle such an issue, delegates should envision implementing the investment promotion regimes for the developing nations to maintain the flow of FDI.96

94 “El 38% Del Estrato C Ha Dejado De Recibir Ingresos, Así Como El 53% Del D.” Ipsos, www.ipsos.com/es-pe/el-38-del-estrato-c-ha-dejado-de-recibir-ingresos-asi-como-el-53-del-d. 95 Written by Juan Carlos Thomas, Global Entrepreneurship Director. “COVID-19 Threatens the Developing World's Small Businesses. This Is How to Save Them.” World Economic Forum, www.weforum.org/agenda/2020/06/5-types-support-small-businesses-in-developing-countries-need-right- now/. 96 “Export Impact For Good.” ITC, www.intracen.org/covid19/.

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“The LeasT DeveLopeD CounTries ReporT 2013 Growth with Employment for Inclusive and Sustainable Development.” United Nations Conference on Trade and Development, United Nations, 2013, unctad.org/en/PublicationChapters/ldcr2013_ch3_en.pdf.

“Use Cloth Face Coverings to Help Slow Spread.” Centers for Disease Control and Prevention, Centers for Disease Control and Prevention, 28 June 2020, www.cdc.gov/coronavirus/2019-ncov/prevent-getting-sick/diy-cloth-face-coverings.html. “Q&A On Coronaviruses (COVID-19).” World Health Organization, World Health Organization, 17 Apr. 2020, www.who.int/emergencies/diseases/novel-coronavirus-2019/question-and-answers-hub/q -a-detail/q-a-coronaviruses.

Walker, Andrew. “Developing World Economies Hit Hard by Coronavirus.” BBC News, BBC, 23 Apr. 2020, www.bbc.com/news/business-52352395.

Wee, Sui-lee, et al. “From China to Germany, the World Learns to Live With the Coronavirus.” The New York Times, The New York Times, 24 June 2020, www.nytimes.com/2020/06/24/world/europe/countries-reopening-coronavirus.html.

Wee, Sui-lee, et al. “W.H.O. Declares Global Emergency as Wuhan Coronavirus Spreads.” The New York Times, The New York Times, 30 Jan. 2020, www.nytimes.com/2020/01/30/health/coronavirus-world-health-organization.html.

“WHO Director-General's Opening Remarks at the Media Briefing on COVID-19 - 11 March 2020.” World Health Organization, World Health Organization, www.who.int/dg/speeches/detail/who-director-general-s-opening-remarks-at-the-media-b riefing-on-covid-19---11-march-2020.

“World Experts and Funders Set Priorities for COVID-19 Research.” World Health Organization, World Health Organization,

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www.who.int/news-room/detail/12-02-2020-world-experts-and-funders-set-priorities-for- covid-19-research.

World Health Organization, 2020, Novel Coronavirus (2019-NCoV) SITUATION REPORT - 1 21 JANUARY 2020. -, Por Mara Bianchetti, et al. “Economia Brasileira Sofrerá Forte Impacto Com o Novo Coronavírus.” Diário Do Comércio, 21 Mar. 2020, diariodocomercio.com.br/exclusivo/economia-brasileira-sofrera-forte-impacto-com-o-no vo-coronavirus/.

“Another 'Tragic Milestone': Reported Cases of COVID-19 Pass 200,000, Says UN Health Chief | | UN News.” United Nations, United Nations, news.un.org/en/story/2020/03/1059912. “Building Back Better: UN Iran Socio-Economic Recovery Programme Against the Impact of COVID-19 - Iran (Islamic Republic of).” ReliefWeb, reliefweb.int/report/iran-islamic-republic/building-back-better-un-iran-socio-economic-re covery-programme-against.

“Building Back Better: UN Iran Socio-Economic Recovery Programme Against the Impact of COVID-19 - Iran (Islamic Republic of).” ReliefWeb, reliefweb.int/report/iran-islamic-republic/building-back-better-un-iran-socio-economic-re covery-programme-against.

Canada, Global Affairs. “Joint Ministerial Statement by Australia, Brunei Darussalam, Canada, Chile, the Republic of the Union of Myanmar, New Zealand and Singapore Affirming Commitment to Ensuring Supply Chain Connectivity amidst the COVID-19 Situation.” GAC, 25 Mar. 2020, www.international.gc.ca/gac-amc/news-nouvelles/2020-03-25-joint-ministerial-statement -declaration-ministerielle-commune.aspx?lang=eng.

“China Abandons Economic Growth Target for 2020 Due to Coronavirus Pandemic.” South China Morning Post, 16 July 2020,

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“The Covid-19 Pandemic Threatens Mexico's Economy.” The Covid-19 Pandemic Threatens Mexico's Economy | Center for Strategic and International Studies, 27 May 2020, www.csis.org/analysis/covid-19-pandemic-threatens-mexicos-economy.

Devnath, Arun. “European Retailers Scrap $1.5 Billion of Bangladesh Orders.” Bloomberg.com, Bloomberg, 23 Mar. 2020, www.bloomberg.com/news/articles/2020-03-23/europe-retailers-cancel-1-billion-of-bang ladesh-garment-orders.

“Economic Impact of the COVID-19 Pandemic.” Wikipedia, Wikimedia Foundation, 9 Aug. 2020, en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic.

“El 38% Del Estrato C Ha Dejado De Recibir Ingresos, Así Como El 53% Del D.” Ipsos, www.ipsos.com/es-pe/el-38-del-estrato-c-ha-dejado-de-recibir-ingresos-asi-como-el-53-d el-d.

Esfandiari, Golnaz. “Iran's Deteriorating Economy, Raging Coronavirus Have Raised Fears Of Renewed Street Protests.” RadioFreeEurope/RadioLiberty, Radio Free Europe / Radio Liberty, 23 July 2020, www.rferl.org/a/iran-s-deteriorating-economy-raging-coronavirus-have-raised-fears-of-re newed-street-protests-/30741923.html.

“Export Impact For Good.” ITC, www.intracen.org/covid19/. F. No. K-12011/3/2020-EPL-1 Government of India Ministry of Commerce & Industry Department of Commerce Economic Division. 15 May 2020, commerce.gov.in/writereaddata/UploadedFile/MOC_637251634305315092_Press%20Re lease%20April%202020.pdf.

“India Most Infected by Covid-19 among Asian Countries, Leaves Turkey Behind.” Hindustan Times, 29 May 2020,

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www.hindustantimes.com/india-news/india-most-infected-by-covid-19-among-asian-cou ntries-leaves-turkey-behind/story-Jjd0AqIsuL3yjMWg29uJ3I.html.

“India to Provide $266 Billion to Boost Pandemic-Hit Economy.” CNBC, CNBC, 13 May 2020, www.cnbc.com/2020/05/12/india-to-provide-266-billion-to-boost-pandemic-hit-economy .html.

“ India.” Worldometer, www.worldometers.info/coronavirus/country/india/. June 2nd, 2020 Anabel Marin. “Coronavirus, Crisis and the Real Argentine Economy: Post-Pandemic Challenges.” STEPS Centre, 3 June 2020, steps-centre.org/blog/covid19-crisis-and-the-real-argentine-economy-post-pandemic-chal lenges/.

Khojji, Zaynab. “Saudi Arabia Closes Grand Mosque, Prophet's Mosque between Night and Morning Prayers.” Arab News, Arabnews, 6 Mar. 2020, www.arabnews.com/node/1637341/saudi-arabia.

“MARKET ACCESS FOR PRODUCTS AND SERVICES OF EXPORT INTEREST TO LEAST DEVELOPED COUNTRIES.” Https://Docs.wto.org/dol2fe/Pages/SS/Directdoc.aspx?Filename=q:/WT/COMTD/LDCW 67.Pdf, 15 Oct. 2019, file:///Users/hjchoi0912/Downloads/LDCW67%20(1).pdf. MHsays: “Why Is the Stock Market Dropping?” Getpostdoc.com, 10 Feb. 2020, web.archive.org/web/20200212195938/equitybazar.com/why-is-the-stock-market-droppi ng/.

“Moody's Cuts India's Rating to Lowest Investment Grade with Negative Outlook.” CNBC, CNBC, 2 June 2020, www.cnbc.com/2020/06/02/moodys-cuts-india-rating-to-lowest-investment-grade-with-n egative-outlook.html.

“'Overwhelmed' Health Systems Have Little Room for Sick Refugees, Migrants, UN Agencies Warn | | UN News.” United Nations, United Nations, news.un.org/en/story/2020/04/1061062.

“Pakistan.” Worldometer, www.worldometers.info/coronavirus/country/pakistan/. Person. “Virus Infects 97 Politicians in Pakistan.” Arab News, Arabnews, 16 June 2020, www.arabnews.com/node/1690811/world.

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“Policy Responses to COVID19.” IMF, www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19.

Posted by Phill Swagel on, and Phill Swagel. “CBO's Current Projections of Output, Employment, and Interest Rates and a Preliminary Look at Federal Deficits for 2020 and 2021.” Congressional Budget Office, 24 Apr. 2020, www.cbo.gov/publication/56335. “The Power of Small: Unlocking the Potential of SMEs.” International Labour Organization, www.ilo.org/infostories/en-GB/Stories/Employment/SMEs.

“ United States.” Worldometer, www.worldometers.info/coronavirus/country/us/. Sahelirc. “Goldman Sachs Gives India's Growth Forecast a 'Gigantic Downgrade'.” CNBC, CNBC, 22 May 2020, www.cnbc.com/2020/05/22/coronavirus-goldman-sachs-on-india-growth-gdp-forecast.ht ml.

Sahelirc. “India's Economy Was Hit by the Coronavirus Lockdown. These Charts Show How.” CNBC, CNBC, 23 June 2020, www.cnbc.com/2020/06/22/economic-impact-of-indias-coronavirus-lockdown-in-four-ch arts.html.

Sahelirc. “Pakistan Central Bank Governor Says Coronavirus Lockdowns Are a 'Luxury of the Rich'.” CNBC, CNBC, 2 July 2020, www.cnbc.com/2020/07/02/pakistan-central-bank-governor-on-economic-challenges-dur ing-coronavirus-pandemic.html.

“Saudi Arabia Lifts Coronavirus Curfew.” BBC News, BBC, 21 June 2020, www.bbc.com/news/world-middle-east-53123945.

“Saudi Arabia Triples VAT to Support Coronavirus-Hit Economy.” BBC News, BBC, 11 May 2020, www.bbc.com/news/business-52612785.

“Saudi Arabia's Problems: Coronavirus, the Economy, and Geopolitics.” Begin-Sadat Center for Strategic Studies, 14 May 2020, besacenter.org/perspectives-papers/saudi-arabia-coronavirus-economy-geopolitics/.

“The Unsustainable Long-Term Budget Outlook.” House Budget Committee, 21 June 2017, republicans-budget.house.gov/budget-digest/unsustainable-long-term-budget-outlook/.

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Vasudev, Abhishek. “Sensex Crashes 2,919 Points, Nifty Ends At 9,590 In Worst Day For Markets Ever.” NDTV.com, NDTV, 12 Mar. 2020, www.ndtv.com/business/bse-sensex-today-live-market-news-sensex-ends-2919-points-lo wer-nifty-at-9590-amid-coronavirus-fear-2193751.

Writer, Staff. “Cambodia's Garment Industry Hangs by a Thread.” Nikkei Asian Review, Nikkei Asian Review, 6 Mar. 2020, asia.nikkei.com/Spotlight/Coronavirus/Cambodia-s-garment-industry-hangs-by-a-thread.

Written by Juan Carlos Thomas, Global Entrepreneurship Director. “COVID-19 Threatens the Developing World's Small Businesses. This Is How to Save Them.” World Economic Forum, www.weforum.org/agenda/2020/06/5-types-support-small-businesses-in-developing-cou ntries-need-right-now/. “Questions and Answers: The IMF's Response to COVID-19.” IMF, www.imf.org/en/About/FAQ/imf-response-to-covid-19#q1.2.

人民银行：疫情对中国经济的影响是暂时的, www.bjd.com.cn/a/202002/01/WS5e353b8de4b002ffe99402c6.html.

小山 . “武汉肺炎累经济亮红灯上半年减至少一个百分点.” RFI, RFI - 法国国际广播电台, 29 Jan. 2020, www.rfi.fr/cn/%E4%B8%AD%E5%9B%BD/20200129-%E6%AD%A6%E6%B1%89% E8%82%BA%E7%82%8E%E7%B4%AF%E7%BB%8F%E6%B5%8E%E4%BA%AE% E7%BA%A2%E7%81%AF-%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%87%8F %E8%87%B3%E5%B0%91%E4%B8%80%E4%B8%AA%E7%99%BE%E5%88%86% E7%82%B9.

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