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SPCHSMUN 2011

UN Conference

The World Financial Crisis and Impact on Development

United KingdomKevin Kapner

The globalization of industry and financial assets skyrockets, while the international

economy becomes unstable and unpredictable. This erratic behavior of the economy slows downthe progression of resolution to current predicaments. As the financial systems of the countries

become ever increasingly intertwined they become more susceptible to any political or economic

events that may occur in a specific region. The lack of money has postponed the aid that wouldhelp countries in need thereby causing the economy to go even further south. Considering the

risk taking, inflated prices, and the improper use of influence, there is not enough action taken

towards impartial development of people and their countries.The MDGs (millennium development goals) intend to fix the most urgent dilemmas by

the year 2015. There are eight total goals ranging from eradicating poverty and hunger to

insuring environmental sustainability. The financial crisis occurring is slowing down the pace ofthe meeting of the expectations of the goals. The further the global market plunges the moredesperate and strained the worlds problems become resulting in a longer term solution. With a

combined effort of other countries in Europe, the United Kingdom helped supply 240 Billion

into the banking structure of the European economy. In spite of all of this money being supplied,the system continued to plummet for the subsequent weeks. There have been discussions to

create an international web to solidify the strength of the falling economies, but this would

require many countries to agree to work together to reach common ground.Proper nutrition for everyone around the world has always been of deep concern for the

United Nations. The recent economic crisis has only exasperated the problem even further which

caused the amount of people with malnutrition to only increase. The countries that already were

at the poverty level are now doing even worse because of the lack of programs to keep the peopleto have proper nourishment. Since the United Kingdom is a relatively wealthy nation, it intends

to supply any necessary products or funding to the current situation in developing countries.

The more that money continues to be drained from the global economy, the moreunemployed people there are. The ILO (International Labour Organization) has stated that

throughout the world there was an increase of anywhere from 39 to 59 million people who are

unemployed since 2008. This is a substantial number because there is a domino effect, the morepeople that lose jobs the more significant the economic crisis becomes. As for the percentage of

the people in the world who are unemployed the number is between 6.5% and 7.4%. As of 2010

the United Kingdom has experienced unemployment rates of 7.9% which is .3% higher than in2009 which means that this problem is not only affecting the poor countries but the more

developed ones as well. The U.K intends open up more job opportunities by putting more money

towards community projects, which would in turn create more chances for people to become

employed. This crisis has been slowly affecting all the countries worldwide, in July 2008 theUnited Kingdom had allowed more people to be exempt from stamp duty tax, tax on documents

and publications, in order for people to try to save money. Shortly after the U.K had paused tax

rise, it fell in a recession by falling 1.5% in only one quarter. The economic calamity hasdevastated the employed and has even further devastated the unemployed, as they were not able

to find jobs.

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