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UN issues annual report on world economy

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The UN has issued its annual report on the global economic situation, and the prospects for 2012. The report was unveiled at a press conference today in Beijing.

The prospects for East Asian developing nations are tilting downwards, according to economists at the UN.

The UN’s report on the global economy expects China’s growth to slow to 8.7 percent in 2012, and 8.5 percent in 2013.

Wang Tongsan, economist from CASS, said, "The UN prediction of 8.7 percent growth fits China's economic reality. A slowdown in growth rate will actually help us control inflation and adjust our economic structure. In fact, by growing at a relatively high speed for years, China has made a big contribution to the world economy, keeping it stable and away from crisis. "

The UN says emerging economies remain vulnerable to downturns currently taking place in developed countries.

The report highlights the major risks as persistent high unemployment, the euro debt crisis and premature fiscal austerity.

Wang Tongsan said, "The Euro zone debt crisis is a major uncertainty, with seventeen European countries using the same currency. Without strong policies and governmental support, it will be hard to find a functioning solution to the problem any time soon. In this case, we need to wait and see, observing closely every development of the debt crisis. "

Without properly addressing the current uncertainties, the UN is warning that the global economic growth rate will decelerate to 0.5 percent this year.


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