The United Nations released a report titled World Economic Situation and Prospects as of mid-2017 which shows growth in world economy with poor prospect for underdeveloped economies.
Growth in the global economy has picked up in the last six months in line with expectations, but in many regions, growth remains below the levels needed for rapid progress towards achieving the Sustainable Development Goals, according to the United Nations World Economic Situation and Prospects as of mid-2017 report, launched today at UN Headquarters.
The report identifies a tentative recovery in world industrial production, along with reviving global trade, driven primarily by rising import demand from East Asia. World gross product is expected to expand by 2.7 per cent in 2017 and 2.9 per cent in 2018, unchanged from UN forecasts released in January this year. This marks a notable acceleration compared to just 2.3 per cent in 2016.
In a statement on the report, Mr. Lenni Montiel, Assistant Secretary-General for Economic Development in the UN Department of Economic and Social Affairs, underscored the “need to reinvigorate global commitments to international policy coordination to achieve a balanced and sustained revival of global growth, ensuring that no regions are left behind.”
According to the report, underpinning global economic recovery is firmer growth in many developed economies and economies in transition, with East and South Asia remaining the world’s most dynamic regions. However, economic recovery in South America is emerging more slowly than anticipated, and gross domestic product (GDP) per capita is declining or stagnant in several parts of Africa.