Fiscal austerity measures driving global economy towards recession – UN

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.

UN report calls on affluent countries to halt austerity to avoid double-dip recession

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.

Latin American States at UN focus on financial crisis, suggest transaction tax

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.

Political will needed to avoid deeper economic strife, Australia tells UN

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.

Global financial reform urgently needed, Argentina says at General Assembly

In the face of the world financial crisis, Argentina called from the podium of the United Nations today for true economic reform to regulate run-away speculation and other factors undermining market stability, global development and well-being.