2008: The Risk of a Global Economic Recession
New UN report gives clear warning
The world economy faces serious challenges in sustaining the strong economic growth of the last few years, the UN says in its report, World Economic Situation and Prospects 2008. The baseline forecast of the United Nations for world economic growth is to moderate to 3.4% this year, following the trend line down from 3.9% in 2006 and 3.7% in 2007. But there is a clear and present danger of the world economy coming to a near standstill. WDEV summarizes the report
In the second half of 2007, the bursting of the housing market bubble in the United States and the unfolding credit crisis had induced uncertainty across global financial markets. This, together with the decline of the dollar and the unresolved problem of the large global imbalances, could combine to further drag world output down. To prevent this from happening, the UN advises concerted international policy action to address the global imbalances and calm currency markets ...
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Posted: 12 Jan 2007
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