economy

Ban hails move by creditor nations to cancel nearly $8 billion in Iraqi debt

Secretary-General Ban Ki-moon today hailed the decision of the 19-member Paris Club of nations to cancel the remaining 20 per cent of Iraq's debt from the Saddam Hussein era – amounting to $7.8 billion – and called on other creditors to take similar action to help the country rebuild its economy.

Africa faces ‘enormous difficulties’ on macroeconomic convergence - UN

African countries are making tremendous efforts towards sound macroeconomic policy convergence on inflation, budget deficits and economic growth rates, but need to mainstream regional monetary and macroeconomic objectives in their national development strategies, according to a new United Nations report.

Palestinian economic prospects look bleak, according to World Bank report

The Palestinian economy is becoming increasingly aid dependent, and Israel’s policy of border crossings closures in the Gaza Strip is eroding the occupied territory’s industrial backbone and paralyzing its municipal services, a World Bank report warns today.

Latin America and Caribbean record solid economic growth figures, UN reports

Latin America and the Caribbean have posted positive economic gains for the sixth year in a row, despite the global downturn, with gross domestic product (GDP) rising nearly 5 per cent this year, according to the most recent estimates of the United Nations office in the region.

UN report advocates policy shift to address global economic insecurity

A new United Nations report is advocating a shift in policies to ensure greater economic stability and security given the increased threats and vulnerabilities, from rising food prices and fuel prices to mortgage defaults and bank runs, facing the world today.

Postal services a key element of development, says Ban Ki-moon

Marking the 60th anniversary of the Universal Postal Union (UPU) as a United Nations agency, Secretary-General Ban Ki-moon has highlighted the important role of postal services, especially at a time when hundreds of millions of people have relocated from their country of origin and are anxious to share news and resources with their relatives.

Despite continued growth, global economy will face serious challenges – UN

Although the global economy will continue to grow in 2008, a new United Nations report launched today warned that this expansion is under threat, mainly by the slowdown of the United States economy.

Top UN development official hails sub-Saharan Africa’s economic growth

The head of the United Nations Development Programme (UNDP) reported today that for the first time in years countries in sub-Saharan Africa are actually growing faster than the global economy, but added that conflict and lack of capacity are two of the main challenges faced by the continent in achieving economic progress and development.

World economic growth rate projected to drop to 3 per cent in 2007 – UN estimate

The world can expect a robust economic growth rate of 3.6 per cent this year but a deceleration to 3 per cent is projected for 2007, according to the latest United Nations assessment.

Global economy expanding in 2004, UN and partner say

With conditions almost everywhere favouring buoyant economies, the global economy is expected to grow by 3.7 per cent this year, even though expansion will slow in the second half of 2004, according to a group of 100 economists from 60 countries meeting at the United Nations in New York.