World Economic Situation and Prospects as of mid-2013

Global economic activity is projected to slowly gain momentum, but growth will continue to be below potential and employment gains will remain weak, says the UN report, launched today. It notes that since late 2012, new policy initiatives in major developed economies have reduced systemic risks and helped stabilize consumer, business and investor confidence, but with very limited improvement on economic growth.

World Economic Situation and Prospects as of mid-2013

World Economic Situation and Prospects 2013 - Update as of mid-2013 from Department of Economic and Social Affairs (UN DESA)

Regional press releases:

• Africa: English, French
• CIS: English, Russian
• East Asia: Chinese, English
• Europe: English, French
• Latin America and the Caribbean: English, Spanish
• South Asia: English
• Western Asia: Arabic, English

 World Economic Situation and Prospects : Regional Outlook for Developed Economies, Mr. Clive Altshuler, Economic Affairs Officer UN DESA

Global outlook : Department of Economic and Social Affairs at the United Nations.




Global Economy Risks Falling into Renewed Recession - WESP 2013

Developed economies outlook 

"We have identified three major economic risks," said Pingfan Hong, Director of the Global Economic Monitoring Unit of DESA's Development Policy and Analysis Division, as the World Economic Outlook for 2013 was revealed on 18 December 2012. Mr. Hong pointed to the deterioration of the euro crisis, the US fiscal cliff and a possible hard landing for some large developing countries.

"To mitigate these risks, policymakers worldwide are greatly challenged," underscored Mr. Hong, also describing how the world economy is still struggling to recover five years after the eruption of the global financial crisis.

The first chapter of the World Economic Situation and Prospects 2013 (WESP) just launched, outlines that growth of the world economy has weakened considerably during 2012 and is expected to remain restrained in the coming two years. "A number of developed economies in Europe and Japan have already fallen into a double-dip recession," explained Mr. Hong.

The report also predicts that global economy is expected to grow at 2.4 per cent in 2013 and 3.2 per cent in 2014, a significant downgrade from the forecast six months ago. This growth pace will not be enough to overcome the continued jobs crisis faced by many countries. With existing policies and growth trends, it may take at least another five years for Europe and the United States to make up for the job losses caused by the Great Recession of 2008-2009.

World Economic Situation and Prospects : Regional Outlook for Developing Economies
Mr. Ingo Pitterle, Economic Affairs Officer UN DESA

  Developing Economies Outlook
  



World Economic Situation and Prospects: Regional Outlook for Economies in Transition 
Mr. Grigor Agabekian, Economic Affairs Officer UN DESA

 Economies in transition outlook 

Asian Development Outlook 2013 Highlights

Economic Trends and Prospects in Developing Asia : 

Developing Asia is bouncing back from the slowdown of the previous year. Robust domestic demand and greater reliance on regional trade will accelerate growth from 6.1% in 2012 to 6.6% in 2013 and 6.7% in 2014. Though still relatively stable, inflation is forecast to pick up as regional economies return to their production potential in the midst of rising global liquidity from advanced economies. Consumer prices are expected to rise by 4.0% in 2013 and 4.2% in 2014, up from 3.7% last year.

Developing Asia’s recovery phase remains vulnerable to shocks. Strong capital inflows could feed asset bubbles. Political discord surrounding fiscal debates in the United States, austerity fatigue in the euro area, and border disputes in Asia could jeopardize macroeconomic stability.

The region needs an ample supply of clean, affordable energy to continue its rapid growth in the coming decades. To achieve energy security, developing Asia must actively contain its rising demand, aggressively explore new supply sources and technology, and progressively integrate regional energy markets and infrastructure.

Asian Development Outlook 2013 Official Launch

The annual ADO provides a comprehensive analysis of economic performance for the past year and offers forecasts for the next 2 years for the 45 economies in Asia and the Pacific that make up developing Asia.

Viet Nam; Vanuatu; Uzbekistan; Tuvalu; Turkmenistan; Tonga; Timor-Leste; Thailand; Tajikistan; Taipei,China; Sri Lanka; Solomon Islands; Singapore; Samoa; Philippines; Papua New Guinea; Palau; Pakistan; Nepal; Nauru; Myanmar; Mongolia; Micronesia, Federated States of; Marshall Islands; Maldives; Malaysia; Lao People's Democratic Republic; Kyrgyz Republic; Korea, Republic of; Kiribati; Kazakhstan; Indonesia; India; Hong Kong, China; Georgia; Fiji; Cook Islands; China, People's Republic of; Cambodia; Brunei Darussalam; Bhutan; Bangladesh; Azerbaijan; Armenia; Afghanistan.

Asian Development Outlook 2013: Asia’s Energy Challenge by Asian Development Bank

Developing Asia - World's Largest Energy Consumer in Two Decades: Asian Development Outlook 2013

 

 

Asia's Energy Challenge

ADO 2013 features a special chapter on Asia's energy challenges. The region needs an ample supply of clean, affordable energy to continue its rapid growth in the coming decades. To achieve energy security, developing Asia must actively contain its rising demand, aggressively explore new supply sources and technology, and progressively integrate regional energy markets and infrastructure.