Position Paper

Committee: United Nations General Assembly Second Committee (ECOFIN)

Country: Ireland
Agenda: Post-Pandemic Rehabilitation of the Global Economy with emphasis on foreign trade
The worldwide economy faces a steep downturn which is anticipated to be worse than the global
financial crisis of 2008. The IMF anticipates a recession in 2020, with the worldwide economy
expected to shrink by 3 percent. The financial emergency the world is confronting has been brought
about by the pandemic and, temporarily, the world must concentrate on dealing with the prompt
disturbance. However, it is necessary to plan and aim towards exiting the emergency in a place
that permits us to recover as quickly and as firmly as could be expected under the circumstances.
The worldwide recuperation depends on the global response to COVID-19 and on our capacity to
contain the spread of the infection and discover a vaccine.
The Irish economy is both small and globalized and thus is increasingly affected by changes around
the globe. It is significantly more unpredictable than its European counterparts across a range of
macro-economic factors and is more prone to structural macroeconomic shocks. Ireland's
exceptionally globalized nature can be found in its dependence on the action of foreign-owned
global enterprises which make a noteworthy commitment to the Irish economy in terms of
employment, exports, monetary income, and value included. The path of the Irish economy out of
this pandemic will rely upon the path of the virus both locally and globally. How well the entire
world deals with the pandemic matters to Ireland. Irish authorities, in collaboration with their
European partners, have executed a scope of measures to contain the intensity and span of the
downturn. Financial measures taken by the legislature incorporate additional healthcare spending,
monetary relief measures and assistance for organizations.
The ECB has made enormous monetary capability accessible over the euro zone – monthly
purchases under the ECB's Asset Purchase Program and Pandemic Emergency Purchase Program
will add up to simply over €1 trillion until the year's end. The Eurogroup of Finance Ministers
have also come out with a bundle of €500 billion. Powerful, organized, and willing commitment
is important to guarantee that the repercussions are no longer and no intense than they should be.
From the ECB's point of view, as Ireland's activities have shown, Ireland stands prepared to help
the residents and economies of Europe if occasions show that it needs to do more.
While it is understandable to concentrate on local aspects of the current financial emergency,
Ireland will not dismiss what the worldwide monetary viewpoint implies for the Irish economy.
The sharp decrease in foreign interest will adversely affect the business of domestic enterprises.
The effect of COVID-19 on the Irish economy has been quick and severe. It is hard to evaluate
how extreme the final impact will be and when the recuperation will start. Be that as it may,
working with our European accomplices, Ireland will spare no effort to contain the financial
impacts of the pandemic and will do its best to ensure the economic security of its citizens as well
as organizations. Ireland also invites member-states to collaborate and build a strategy for the
recovery of the global economy.