A/HRC/13/38 necessary countermeasures, there is a fear that the crisis has the potential to significantly slow down progress towards the achievement of the Millennium Development Goals. 5. There has been an unprecedented policy response to the crisis, including monetary, financial and fiscal measures to stabilize financial markets and revive global growth. According to the latest economic forecasts available at the time of the submission of this report, these countermeasures and stimulus packages have contributed to slowing down the pace of the economic downturn, giving way to a slow and fragile recovery.3 At the same time, these forecasts and various reports caution that the trend towards recovery remains weak. While the global economy will require continued stimulus until it sees a more vigorous sign of recovery, there are already signs that the stimulus measures in place are draining the financial reserves of many countries, increasing deficit levels across the board, which could further contribute to financial instability.4 Furthermore, it should be noted that it will take some time until the full impact of the crisis is known, including in many of the poorest countries. III. The impact of the financial crisis on human rights A. Overall implications for human rights 6. Since its outbreak, the crisis has prompted concerns about the impact on individuals and their human rights in both developed and developing countries, especially those who are already living in extreme poverty, marginalization, discrimination and fear. The crisis and its effect on such issues as employment, poverty, access to basic services and social protection have a bearing on the ability of individuals to exercise their human rights and that of States to fulfil their obligations. These concerns were reiterated at the tenth special session of the Human Rights Council and its ensuing resolution S-10/1, in which the Council expressed “serious concern at the negative impacts of the global economic and financial crises on economic and social development and on the full enjoyment of all human rights in all countries”, as well as at the 2009 Social Forum held in September 2009. Concerns about the human rights implications of the crisis have also been highlighted in numerous reports and analyses issued by United Nations agencies, treaty bodies, special procedures mandate holders and other relevant stakeholders. 7. Contributions from Member States and other stakeholders generally reflect these concerns, as well as the varying levels of real and potential impact of the crisis across countries and regions. The Government of Afghanistan reported that, since the country has no financial markets, the impact of the global economic crisis on its economy is low. A decrease in foreign aid due to the crisis, as well as a forecast fall in revenues would, however, affect Afghanistan. In its submission, the Government of Cuba stated that the crisis was triggered by deregulation of the financial sector and has, in particular, affected economic, social and cultural rights. The Government of Greece reported on rising unemployment rates from May 2008 until August 2009 as a consequence of the economic crisis. The Government of Morocco reported that, despite fears of a severe economic downturn in several sectors, the impact has been relatively moderate. The contributions 3 4 GE.10-10930 United Nations, World Economic Situation and Prospects 2010, available at http://www.un.org/esa/policy/wess/wesp2010files/wesp2010pr.pdf. Latest estimates by the International Monetary Fund show that the deficits of the advanced countries averaged 1.9 per cent of national income before the financial crisis started in 2007. This year they are expected to reach 9.7 per cent, followed by 8.7 per cent in 2010. Emerging economies with their faster economic growth and greater constraints on borrowing expect much lower build-up of debt. 5