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UN projects world economic growth despite weak recovery
Published in Saudi Press Agency on 26 - 05 - 2010


The world gross product is expected to grow by 3
per cent this year and 3.1 per cent in 2011, but the weak recovery
will hurt jobs, the United Nations said today in an update of the
world economy and future prospects, according to dpa.
The weak recovery will not help close the global output gap left
by the worst recession since World War II in the past two years.
Recovery will be uneven across nations, with encouraging growth
prospects in developing countries and lacklustre in developed
countries, the UN projected.
The World Economic Situation and Prospects 2010 said most
economies will register positive growth this year, propelled by
stimulus packages and expansionary monetary policies.
It said risks in the world financial system were expected to abate
by mid-year while major equity markets would have recovered on
average.
It noted how the debt crisis in Greece, which has spread to
Portugal, Spain and Ireland, was threatening the euro zone.
The UN said the United States had extricated itself from the
recession and forecast US economic growth by 2.9 per cent this year,
but will slow down to 2.5 per cent next year. Washington's own
projections for growth this year are 3.2 to 3.7 per cent.
In East Asia, China will lead the region with gross domestic
growth estimate at 9.2 per cent in 2010 and 8.8 per cent in 2011. GDP
in the region is expected to rise to 7.3 per cent in 2010, up from
4.7 per cent in 2009, the UN said.
India's GDP is forecast to grow by 7.9 per cent in 2010.
World unemployment rates, at historic highs in many countries, are
not expected to change, the report said. There were an estimated 34
million jobless people in 2009 when the economic crisis hit.
"At the present rate of recovery, it is expected to take at least
four or five years to bring unemployment rates down to pre-crisis
levels in most developed countries," the UN said.


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