Arab Today, arab today un cuts world growth forecast imf to follow
Last Updated : GMT 04:16:05
Arab Today, arab today
Arab Today, arab today

UN cuts world growth forecast, IMF to follow

Arab Today, arab today

Arab Today, arab today UN cuts world growth forecast, IMF to follow

New York - AFP

The United Nations on Thursday slashed its forecast for world growth to 2.6 percent in 2012 and warned the eurozone debt crisis could further undermine the global performance. "The world economy is teetering on the brink of another major downturn," the UN said in a warning that came as the International Monetary Fund said it would also lower its global growth forecast. After rising 4.0 percent in 2010, the UN predicted 2.6 percent world growth in 2012 and 3.2 percent in 2013. UN economists had earlier said there would be 3.6 percent growth next year. "This forecast is conditioned however on containment of the eurozone debt crisis and a halt to further moves toward stringent fiscal austerity in developed countries," said the UN World Economic Situation and Prospects report. It said 2012 will be a "make or break year" with the world proceeding with slow economic recovery or falling back into recession. Developing countries, led by China, Brazil and India, are predicted to continue pulling the world economy forward with average growth of 5.4 percent in 2012 and 5.8 percent in 2013. But even this is down from 7.1 percent in 2010. "From the second quarter of 2011, economic growth in most developing countries and economies in transition started to slow notably," said the report which hit out at governments in Europe and North America. The UN revised down its 2012 prediction for every major country and region: it now foresees 1.3 percent growth in the United States, down 0.7 percent from its last forecast, 1.5 percent for Japan (down 1.3 percent), 0.5 percent for the 27 nation European Union (down 0.8 percent), 8.7 percent for China (down 0.2 percent), 7.7 percent for India (down 0.5 percent) and 3.7 percent for South Africa (down 1.1 percent). In Latin America, Brazil's 2012 growth was put at just 2.7 percent, down 2.6 percent from the earlier forecast. "Failure of policymakers, especially those in Europe and the United States, to address the jobs crisis and prevent debt distress and financial sector fragility from escalating, poses the most acute risk for the global economy," the forecast said. "Because of collective inaction, the situation is likely to deteriorate further," Jomo Kwame Sundaram, UN assistant secretary general for economic development, told a press conference to introduce the report. "Unfortunately the likelihood of the pessimistic scenario is increasingly likely," he added. The sovereign debt crises in Europe is a "cause and an effect" of the global slowdown while the United States is also suffering from unemployment and "shaken consumer and business confidence," said the report. As the European and US economies are so close "their problems could easily feed into each other and spread to another global recession," the UN warned. The IMF said Europe's worsening economy and financial market turmoil meant it was likely to revise downward its predictions made in its World Economic Outlook report issued in October. "We will likely be revising downwards our forecast," IMF spokesman Gerry Rice told news briefing, without elaborating. "The global recovery remains unbalanced and bumpy. Since that WEO there has been a marked slowdown in economic activity, especially as we all known, in Europe. The turmoil in the financial market is also contributing to further uncertainty about the economic forecast." An update will be made in January, Rice added.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today un cuts world growth forecast imf to follow Arab Today, arab today un cuts world growth forecast imf to follow

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research

GMT 09:38 2017 Monday ,20 February

Japan returns to trade deficit in January

GMT 07:16 2017 Monday ,20 February

Global arms trade highest since Cold War

GMT 06:10 2017 Monday ,20 February

Tourism shows signs of recovery in Egypt

GMT 05:45 2017 Monday ,20 February

Brexit U-turn ruled out by many in EU
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday