Countries must adopt new economic policies to adjust to structural changes in the world economy sparked by the onset of the global financial crisis five years ago, according to a new United Nations report.
If current economic policies do not change quickly, the Eurozone may lose 4.5 million jobs over the next four years, the United Nations warned in a new report today, adding that this would increase the risk of social unrest and would further erode citizen’s confidence in their governments, the financial system and European institutions.
The European debt crisis is currently the biggest threat to the world economy, according to a United Nations report released today, which warns that the austerity measures followed by countries in the region will plunge them further into recession, and calls for a shift in fiscal policies to stimulate growth.
Secretary-General Ban Ki-moon said today that efforts to revive the global economy must be based on a long-term vision of sustainable and inclusive development, stressing that the current financial difficulties make it imperative that the world seeks balanced growth for future generations.
United Nations senior officials today stressed the importance of establishing a new paradigm for growth that ensures social inclusiveness, job opportunities for all, and more accountability from the financial sector to tackle the ongoing global economic crisis.
Fiscal austerity policies being implemented by countries are driving the global economy towards a recession, the United Nations trade and development body warned today, stressing that greater attention should be paid to high unemployment, which it called a more pressing problem than budgetary deficits.
The world risks falling back into recession if developed countries embark prematurely on fiscal austerity measures, according to a United Nations report released today in New York, which recommends additional stimulus measures as well as more forceful international coordination to stimulate job creation and investment.
Blaming speculation for the high price of food and oil, and arrogance and greed for the global economic crisis, the Dominican Republic called at the United Nations today for new market rules and proposed a 5 per cent tax on financial transactions to spur growth and prosperity.
The global economic crisis continues and may still engulf the world, Australia’s Foreign Minister warned the General Assembly today, urging countries to take immediate and concerted action to spur sustainable growth and avoid a depression.