Secretary-General of the UN Trade and Development (UNCTAD) Rebeca Grynspan warned of a potential "lose-lose" scenario for developing and developed nations as tensions grow between reinforcing the global supply chain and rising decoupling efforts. In a meeting with Ren Hongbin, president of the China Council for the Promotion of International Trade, Grynspan said that the fragmentation of trade and finance could result in a global economic shock akin to "another pandemic," with the IMF predicting a 7 percent loss in global GDP.