The World Economic Situation and Prospects 2012 (WESP)
UN Department of Economic and Social Affairs (DESA)–
Available online at: http://bit.ly/wJQQXQ
“…..Countries throughout the world will experience an economic slowdown this year as the sovereign debt crisis in
The report gives a detailed picture on seven geographical regions and forecasts that growth rates for the next two years will slow down in most of them, with the exception of the African continent, which will continue to enjoy growth due to stable commodity prices and foreign investment.
The report points to the European sovereign debt crisis that erupted in
“Failure of policymakers, especially those in Europe and the United States, to address the jobs crisis and prevent sovereign debt distress and financial sector fragility from escalating poses the most acute risk for the global economy in the outlook for 2012-2013,” the report states.
The report estimates that growth in the European Union (EU) is expected to be only 0.7 per cent in 2012, substantially lower than the 1.6 per cent growth registered last year. In addition, unemployment throughout the continent will remain near 10 per cent in the euro area, having changed very little since September 2009.
However, growth will vary greatly among countries in the continent due to military conflicts, corruption, lack of infrastructure and severe drought in certain areas. The report also warns that unemployment and poverty remain major problems and sources of instability, which have already led to political unrest in
The economic picture in the Arab World will continue to be subject of high uncertainty due to the political transition and civil protests brought by the Arab Spring. Regional growth is forecast to decline from 6.6 per cent to 3.7 per cent as violent clashes hampered economic activity in several Arab countries. Social unrest also affected trade and tourism revenues, particularly in
However, the report states that generous social spending measures implemented in 2011 by Arab governments such as
As with Europe and
The South Asian and Latin American and Caribbean regions remain particularly susceptible to the future of developed economies as both the EU and the
For Latin America, a slowdown in
“………the report discusses several policy directions which could avoid a double-dip recession, including: optimal design of fiscal policies to stimulate more direct job creation and investment in infrastructure, energy efficiency and sustainable energy supply, and food security; stronger financial safety nets; better coordination between fiscal and monetary policies; and 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…..”
Executive Summary available in Arabic, Chinese, English, French, Russian, Spanish
Global press releases: Arabic, Chinese, English, French, Russian, Spanish
Policy Brief 36: Can a protracted slowdown be avoided?
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