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Sunday, 2 February 2014

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Global economy to recover - WESP

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. But, several uncertainties and downside risks continue to loom.

The global economy is expected to grow at 3.0 percent in 2014 and 3.3 percent in 2015, compared to an estimated growth of 2.1 percent for 2013, according to the United Nations World Economic Situation and Prospects 2014 (WESP) report, launched recently.

The world economy experienced again subdued growth 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, backstopped the deceleration they experienced in the past two years and veered upwards moderately. Developing countries will benefit from resilient domestic demand and an improvement in global conditions. These factors point to increasing global growth. However, the WESP stressed that the employment situation will continue to be challenging and warned that international capital flows to emerging economies will become more volatile, in particular in the case of a bumpy exit from the quantitative easing programs by the US Federal Reserve.

Other main uncertainties and risks include the remaining fragility in the banking system and the real economy in the euro area. Beyond the economic domain, geopolitical tensions in Western Asia and elsewhere remain serious risks.

 

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