The COVID-19 pandemic will shrink the global economy by 5.2 per cent this year, representing the deepest recession since World War Two, and triggering a dramatic rise in extreme poverty, the World Bank said Monday in its latest Global Economic Prospects report.
Calling on governments to take human rights obligations into account when designing economic reforms, an independent United Nations rights expert said on Monday that “human rights impact assessments are key to the process”.
Amid external uncertainty and volatility, the economies of Latin America and the Caribbean will grow by an average of 1.5 per cent this year, thanks to a rebound in private consumption and a slight increase in investment, according to a United Nations flagship report issued on Thursday.
Global growth disappointed again in 2015 – slowing to 2.4 per cent – and is expected to recover at a slower pace than previously envisioned, the World Bank Group said today in a new report, which also warned that a broad-based slowdown across developing countries could pose a threat to hard-won gains in raising people out of poverty.
The world economy has fallen below forecasts of even six months ago and will grow only modestly over the next two years due to “cyclical and structural headwinds,” including low commodity prices and stagnant investment, the United Nations reported today, urging steps to ensure stronger growth.
Despite a sharp decline in oil prices, the International Monetary Fund (IMF) in its latest economic outlook today lowered growth expectations for this year and the next for most countries due to slowdown in investment, and urged governments and central banks to pursue economic stimulation policies and structural reforms to boost growth.
Global economic growth is forecast to continue increasing over the next two years, the United Nations reported today, despite legacies from the financial crisis continuing to weigh on growth, and the emergence of new challenges, including geopolitical conflicts such as in Ukraine, and the Ebola outbreak in West Africa.
Representatives from some 150 countries today gathered at the headquarters of the United Nations Environment Programme (UNEP) in Nairobi, Kenya, to tackle development challenges and discuss ways to harness environmentally-friendly solutions developed in the global South.
World economic growth has weakened considerably during 2012 and is expected to remain subdued in the coming two years, says a new United Nations report, which calls for policy changes to spur growth and tackle the jobs crisis.