Second GA (Economic & Financial)

About the committee

The Second Committee of the General Assembly serves as a platform for multilateral negotiation on issues relating to economic growth and development such as macroeconomic problems, financing for development, sustainable development, human settlements, poverty eradication, globalization and interdependence. The committee also considers issues relating to groups of countries in special situations, such as Least Developed Countries and Landlocked Developing Countries.

Topics

Topic A: The question of stabilising the global economy against future shocks

The Global Financial Crisis, sparked by the collapse of the global housing bubble in 2006, has been labelled by economists as the worst financial crisis since the Great Depression. In 2009, the global economy recorded its first negative growth. While 2010 may show some positive signs of economic growth, significant risks remain. Many developing nations are still experiencing the worst effects of the global recession. The UN Secretary-General has suggested a stimulus of at least one trillion dollars would be needed to aid recovery; a process crucial in preventing future crises. In addition to making ongoing efforts to stabilise the economy, the international community is now turning its eye to instituting long term reform. Unless changes are made to strengthen transparency and accountability, enhance regulation, promote integrity and reform financial institutions, any efforts in securing the economy are only band-aid solutions.

Topic B: The question of the economic impacts of widespread HIV/AIDS

The AIDS pandemic is no longer simply a health crisis. It is a multi-faceted problem that poses a significant threat to human development, particularly in social and economic terms. UNAIDS estimates that 33.2 million people worldwide live with HIV. While some argue that AIDS is unlikely to inflict severe damage on national economies because those infected are largely poor and unskilled, (and therefore contribute little in pure economic terms), recent studies have drawn attention to the correlation between prevalence of HIV and lowered rate of growth in GDP, particularly due to its effects on agriculture, private enterprise and macro economies. Other contributing factors include loss of household incomes, burdened healthcare systems, and undermined investments in education. Consideration of these impacts, their severity and methods of mitigation form an important component of international dialogue on securing sustainable development and growth.