The United Nations appointed Rebeca Grynspan from Costa Rica on Saturday as the new secretary general of its trade and development body, Unctad.
Ms Grynspan is the first woman and central American to head the global body that deals with trade, investment and development issues, the Unctad said in a statement.
“I look forward to bringing my experience and commitment to development to this unique organisation, whose history, mandate and recognised world-class expertise make it a key partner for all countries facing the challenges of post pandemic recovery,” Ms Grynspan said.
The appointment comes as the global trade charts a gradual recovery from the Covid-19 pandemic, which tipped the world’s economy into the deepest recession since the 1930s.
But stimulus measures and an accelerated pace of vaccine rollout in many countries are improving the economic outlook. Global trade grew by 10 per cent in the first quarter of 2021, driven by strong exports from East Asian economies, Unctad said last month. It is set to increase by 8 per cent this year, according to the World Trade Organisation.
Ms Grynspan has previously held several high-level positions such as the under-secretary-general of the United Nations and Associate Administrator of the United Nations Development Programme (UNDP).
She has also served as the UNDP regional director for Latin America and the Caribbean as well as the vice president of Costa Rica from 1994 to 1998.
“At this critical time Unctad can make an essential contribution for a more just, sustainable and inclusive recovery for all,” Ms Grynspan said.
The Geneva-based UN body will also organise an investment forum in Abu Dhabi later this year to explore ways for countries to sustainably recover from the pandemic.
The World Investment Forum, which will be held in the UAE capital from October 17 to 21, is the largest global platform focusing on investment development. The previous event in 2018, held in Geneva, attracted 6,600 participants from 150 countries including key decision-makers in the government and the private sector.
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THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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UAE currency: the story behind the money in your pockets
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