- Global shocks and crises have become more intense, widespread and interlinked, creating consequential challenges to social development. Pandemics, violent conflicts and a spate of climate-related disasters have hit the most vulnerable people and societies the hardest.
For instance, the COVID-19 pandemic caused the first global increase in extreme poverty in 20 years and contributed to growing inequalities between and within countries. While macroeconomic recoveries are under way, the setbacks to social development are lasting longer, especially in countries in special situations.
The recently launched World Social Report 2024 estimates that the shocks and crises of the last few years could result in a cumulative economic output loss of more than $50 trillion between 2020 and 2030, reflecting lost opportunities for investing in social development. The report finds that people in countries with strong social protection systems have fared better during recent crises. However, only half of the world has access to at least one social protection benefit. To increase coverage, the report calls for a human rights-based approach to social protection, prescribed by law, that can guarantee its continuity and predictability in times of crisis.
Yet, many developing countries lack the necessary fiscal space to achieve universal social protection. International support is needed to free up and mobilize resources, including through debt treatments and additional financial and technical support. The report suggests exploring debt swaps for SDG investments that could secure long term, resilient pathways for social development.
Global action is needed to reduce systemic risks and build universal resilience against these interlinked crises. This includes developing early warning systems, accelerating climate change mitigation, ensuring global financial stability and preventing pandemics and spillovers of violent conflict.
Building on the recent Pact for the Future, the World Social Report 2024 recognizes the and the in 2025 as opportunities to commit to further actions to advance social development.
Access the full report here.