The global economy will continue to grow at a steady pace of around 3 per cent in 2019 and 2020 amid signs that global growth has peaked. However, a worrisome combination of development challenges could further undermine growth, according to the United Nations World Economic Situation and Prospects (WESP) 2019.

UN Secretary-General António Guterres cautioned “While global economic indicators remain largely favourable, they do not tell the whole story.” He said the World Economic Situation and Prospects 2019 “raises concerns over the sustainability of global economic growth in the face of rising financial, social and environmental challenges.”

Global growth is expected to…

–An upturn in the global economy—now growing by about 3 per cent—paves the way to reorient policy towards longer-term issues such as addressing climate change, tackling existing inequalities and removing institutional obstacles to development, according to the United Nations World Economic Situation and Prospects (WESP) 2018.

“The World Economic Situation and Prospects 2018 demonstrates that current macroeconomic conditions offer policy-makers greater scope to address some of the deep-rooted issues that continue to hamper progress towards the Sustainable Development Goals,” stated UN Secretary-General António Guterres in the Foreword.

According to the report, in 2017, world…

A careful review of 70 years of the United Nations’ economic advice reveals that the analysis still remains relevant to guiding countries through a difficult current global economic situation and for the implementation of the 2030 Agenda for Sustainable Development, according to the World Economic and Social Survey launched today by the United Nations Department of Economic and Social Affairs.

Individual countries have pursued widely different development paths during a period that has witnessed the fastest growth in global output and trade than any other period in the history of humanity—and have achieved varying results from the bleak to the miracle—. An in-depth review of the…

Although a modest global recovery is projected for 2017-18, the world economy has not yet emerged from the period of slow growth, characterised by weak investment, dwindling trade and flagging productivity growth, according to the United Nations World Economic Situation and Prospects (WESP) 2017 report.

The report states that the world economy expanded by just 2.2 per cent in 2016, the slowest rate of growth since the Great Recession of 2009. World gross product is projected to grow by 2.7 per cent in 2017 and 2.9 per cent in 2018, a slight downward revision from the forecasts made last May.

Launching the report at the UN Headquarters in New York, Mr. Lenni Montiel,…

The world economy stumbled in 2015 and only a modest improvement is projected for 2016/17 as a number of cyclical and structural headwinds persist, says the United Nations World Economic Situation and Prospects (WESP) 2016 report.

Global growth is estimated at a mere 2.4 per cent in 2015, marking a downward revision by 0.4 percentage points from the UN forecasts presented six months ago. Amid lower commodity prices, large capital outflows and increased financial market volatility, growth in developing and transition economies has slowed to its weakest pace since the global financial crisis of 2008/2009.

Given the much anticipated slowdown in China and persistently weak…

Global economic growth is forecast to increase marginally over the next two years, according to the United Nations World Economic Situation and Prospects 2015 (WESP) report.The global economy is expected to grow 3.1 per cent in 2015 and 3.3 per cent in 2016, compared with an estimated growth of 2.6 per cent for 2014.

The global economy expanded during 2014 at a moderate and uneven pace. Legacies from the global financial crisis continue to weigh on growth, while new challenges have emerged, including geopolitical conflicts such as in Ukraine and the Ebola epidemic.

Unemployment figures remain historically high in some regions, but appear to have stopped rising. While…

Global economic growth should increase over the next two years with continuing signs of improvement, according to the United Nations World Economic Situation and Prospects 2014 (WESP) report. The global economy is expected to grow at a pace of 3.0 per cent in 2014 and 3.3 per cent in 2015, compared with an estimated growth of 2.1 per cent for 2013.

The world economy experienced subdued growth for a second year in 2013, but some improvements in the last quarter have led to the UN’s more positive forecast. The euro area has finally ended a protracted recession. Growth in the United States strengthened somewhat. A few large emerging economies, including China and India,…

The experience from the Millennium Development Goals has shown that well-defined, objectively measurable indicators can help to maintain focus on internationally agreed development goals and targets, while keeping the world informed of achievements, problem areas and emerging issues.

Looking ahead to the post-2015 development agenda, it will be important to develop a robust monitoring system that draws on traditional data collection methods and innovations in statistics and data collection to develop a monitoring framework that can measure progress on the various thematic areas.

While it is still too early to define a set of indicators and targets for the development…

Global economic activity is projected to slowly gain momentum, but growth will continue to be below potential and employment gains will remain weak, says the UN report. It notes that since late 2012, new policy initiatives in major developed economies have reduced systemic risks and helped stabilize consumer, business and investor confidence, but with very limited improvement on economic growth.

“The main priority for policy makers worldwide should be to support a robust and balanced global recovery, with a focus on promoting job creation,” said Shamshad Akhtar, UN Assistant Secretary-General for Economic Development.

Global growth has been revised slightly downward…

The World Economic Situation and Prospects 2013 presents a post-crisis world economy still struggling with continued weakening growth of 2.2 per cent in 2012. It projects disappointing global growth of 2.4 per cent in 2013 and 3.2 per cent in 2014 in the face of major uncertainties and downside risks. A much slower pace of poverty reduction is predicted in many developing countries and narrowing fiscal space for investments in the many critical areas needed for achieving the Millennium Development Goals. The World Economic Situation and Prospects 2013 calls for more forceful and concerted policy action at the global level, identifying fiscal and employment policies,…

The world economy is on the brink of another major downturn. Global economic growth started to decelerate on a broad front in mid-2011 and is estimated to have averaged 2.8 per cent over the last year. This economic slowdown is expected to continue into 2012 and 2013. The United Nations baseline forecast for the growth of world gross product (WGP) is 2.6 per cent for 2012 and 3.2 per cent for 2013, which is below the pre-crisis pace of global growth.

Persistent high unemployment in the United States and low wage growth are holding back aggregate demand and, together with the prospect of prolonged depressed housing prices, this has heightened risks of a new wave of home…

The publication predicts weaker global growth in 2011 and 2012 as the recovery has lost momentum since the middle of 2010. World gross product is forecast to expand by 3.1 per cent in 2011 and 3.5 per cent in 2012, following estimated growth of 3.6 per cent in 2010. The report emphasizes that the outlook remains uncertain, surrounded by serious downside risks. It further indicates that, in the short run, more fiscal stimulus will be needed to reinvigorate the global recovery, but that it will need to be better coordinated with monetary policies and reoriented to provide stronger support to employment generation.