The Social Impact of the Economic Crisis

DSPD organized a panel discussion on "The Social Impact of the Economic Crisis". The meeting took place on 18 October 2011 in New York at the Economic and Social Council Chamber (NLB).

Over the period 2008-2009, the world suffered the worst financial and economic crisis since the Great Depression of the 1930s. The rapid global economic downturn severely disrupted economic growth worldwide and caused significant setbacks in the progress made towards achieving the Millennium Development Goals and the other internationally agreed development goals. Increased unemployment, loss of income and increased vulnerability have been among the dominant social impacts of the crisis.

During times of financial and economic crisis, households often adopt coping strategies, such as making changes in household expenditure patterns; however, these can negatively influence education, health and nutrition, which may lead to lifelong deficits, especially for children, and thus perpetuate the intergenerational transmission of poverty.

As challenging as it may be, the crisis offers an opportunity for achieving social progress by making universal social protection a reality, revisiting the social impacts of globalization, and ensuring more inclusive and sustained growth.

Moderator and Panellists

Moderator:
Ms. Daniela Bas, Director, Division for Social Policy and Development, DESA

Panellists:

• Dr. Anis Chowdhury, Senior Economic Affairs Officer, DESA; Supported the drafting of Report on the World Social Situation (RWSS 2011): The Global Social Crisis
• Henk-Jan Brinkman Chief, Policy, Planning and Application Branch Peacebuilding Support Office
• Steve Miller, former senior ILO official and Secretary of the UN Secretary-General's Youth Employment Network (YEN)
• Winifred Doherty, Chair of the NGO Committee for Social Development