Press Conference to preview the UN Department of Economic and Social Affairs (DESA) World Economic Situation and Prospects 2015 (WESP) report

UN reports potential for gradual return to global growth, foresees risks, uncertainties

• Categories: Media / Press Conferences
• Video Length: 00:49:27
• Production Date: 10 December 2014
• Asset Language: Original
• Subject Topical: POST-2015 DEVELOPMENT AGENDA
• MAMS Id: 1262262
• Parent Id: 1261918

Description

Global economic growth is forecast to continue increasing over the next two years, the United Nations reported today, despite legacies from the financial crisis continuing to weigh on growth, and the emergence of new challenges, including geopolitical conflicts such as in Ukraine, and the Ebola outbreak in West Africa.
The UN World Economic Situation and Prospects 2015 (WESP) report, which was launched today, estimates growth in 2015 of 3.1 per cent and in 2016 of 3.3 per cent. Those figures are higher than the 2.6 per cent growth recorded this year, where the pace of expansion has been moderate and uneven.
Many developing countries and economies in transition faced vulnerabilities due to tightening global financial conditions, aggravated geopolitical tensions and the Ebola epidemic. Large current-account deficits and rapid credit growth in some large emerging economies were causes for concern, particularly if tested by a sudden change in market sentiment, similar to mid-2013 and early 2014. A broad-based downturn in emerging economies, particularly a sharp slowdown in China, would weigh on economic performance worldwide.

Speakers at this conference, Pingfan Hong, Director, Development Policy and Analysis Division, DESA Matthias Kempf, Senior Economic Affairs Officer, DESA, moderated by Wynne Boelt of the Department of Public Information