On 22 September, the UN Conference on Trade and Development (UNCTAD) released its Trade and Development Report 2020. The report shows that the global economy is facing a deep recession due to the impact of the COVID-19 pandemic, but it may not be as severe as predicted earlier this year. The global economy is expected to contract by more than 4% this year, with global output falling by more than US$6 trillion, global trade by about one-fifth and foreign direct investment likely to fall by 40%. Developed countries have the largest decline in output, with some seeing double-digit declines this year. Developing countries would suffer severe trauma, with 90 to 120 million people trapped in extreme poverty and nearly 300 million facing food security problems. Latin America is likely to be particularly hard hit, with Caribbean economies suffering unprecedented economic hits, but China's economy will remain positive (expected growth of 1.3%).