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20 Jan 11 - Developing economies are driving recovery but serious risks to the global economic outlook are still in place

World Economic Situation and Prospects 2011The World Economic Situation and Prospects 2011 emphasizes that the risks of high unemployment rates, premature withdrawal of policy stimulus, currency wars and a renewed widening of global imbalances darken the global outlook.


Developing economies are driving recovery but serious risks to the global economic outlook are still in place.

The World Economic Situation and Prospects 2011 emphasizes that the risks of high unemployment rates, premature withdrawal of policy stimulus, currency wars and a renewed widening of global imbalances darken the global outlook.

After a year of fragile and uneven recovery, global economic growth started to decelerate on a broad front in mid-2010, and this slower growth is expected to continue into 2011 and 2012.

The United Nations baseline forecast for the growth of world gross product (WGP) is 3.1 per cent for 2011 and 3.5 per cent for 2012, which is below the 3.6 per cent estimated for 2010 and the pre-crisis pace of global growth.

This is highlighted in the World Economic Situation and Prospects 2011 - a report jointly prepared by the United Nations Department of Economic and Social Affairs (DESA), UNCTAD and United Nations Regional Commissions.

Developing countries continue to drive the global recovery, but their output growth is also expected to moderate to 6 per cent during 2011-2012, down from 7 per cent in 2010, because of the slowdown in the advanced countries and phasing out of stimulus measures.

The report points to high unemployment rates, premature withdrawal of policy stimulus, increased exchange rate volatility and renewed widening of global imbalances as the main challenges for the global economy.

Against this background, several policy challenges are discussed in greater detail, including the optimal design of fiscal policies as well as the coordination between fiscal and monetary policies, the provision of sufficient support to developing countries in addressing the fallout from the crisis and the coordination of policy measures at the international level.



 

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