(Part 2) What's Next for Commodity Markets? Interactive…

Interactive Panel 2: Overcoming dependence through technology and innovationReactions from Member States and ObserversClosing segment Commodities play an important role in the economies of many developing countries, with about two-thirds of developing countries deriving at least 60 percent of their export revenues from the commodity sector. As a result, in these countries, commodity price movements significantly impact economic growth, macroeconomic stability, poverty, food security, and the path to socially, economically, and environmentally sustainable growth. The global crises triggered by the COVID-19 pandemic and its unprecedented negative health, economic, social, and humanitarian impacts are reversing vital gains made in human development and the sustainable development goals. The COVID-19 pandemic led to a dramatic deceleration of global economic activity in 2020, as well as a sharp contraction of commodity markets. As a result, the countries dependent on commodities exports or on a limited number of economic activities have been particularly hard hit, as the pandemic has led to severe commodity price variations, which have in turn deepened the challenges faced by commodity-dependent countries. This one-day event will: Review recent trends and prospects in global commodities markets in the context of the COVID-19 pandemic and the recovery process,Discuss strategies for economic structural transformation and economic and export diversification, with a specific focus on energy access as an enabler,Discuss the role of technology in economic and export diversification. The panelists will include renowned experts, high-level government officials and representatives from the private sector, non-governmental organizations and international financial institutions, among others. In addition to Member States and Observers of the General Assembly, the meeting will be open to the United Nations system and relevant stakeholders.