“World Economic Situation and Prospects (WESP) is a joint product of the Department of Economic and Social Affairs, the United Nations Conference on Trade and Development and the five United Nations regional commissions. It provides an overview of recent global economic performance and short-term prospects for the world economy and of some key global economic policy and development issues. One of its purposes is to serve as a point of reference for discussions on economic, social and related issues taking place in various United Nations entities during the year.”
- “The world economy facing uncertain times – After several years of robust growth, the world economy is now facing some serious challenges in sustaining its brisk pace. Th e end of the housing bubble in the United States of America, as well as the unfolding credit crisis, the decline of the United States dollar visà-vis other major currencies, the persistence of large global imbalances and high oil prices will all threaten the sustainability of global economic growth in the coming years. Slower, but nonetheless robust, global economic growth in 2008. The growth of the world economy moderated somewhat from 3.9 per cent in 2006 to a nonetheless robust 3.7 per cent during 2007. The baseline forecast of the United Nations
for 2008 is for growth of the world economy to slow further to 3.4 per cent, but the darkening clouds of downside risks are looming much larger than a year ago. Slower growth of the United States economy the main drag for the world economy. The major drag on the world economy is coming from a slowdown in the United States,
driven by the slump in the housing sector.
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