economy

COVID-19 upends ‘entire generation’ of 600 million South Asian children

Without urgent action, COVID-19 will continue to unravel decades of progress across South Asia, destroying the “hopes and futures of an entire generation”, warns a new report released on Tuesday by the UN Children’s Fund, UNICEF.

Coronavirus: World Bank confirms deepest recession since World War Two

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.

COVID-19: impact could cause equivalent of 195 million job losses, says ILO chief

The rapidly intensifying economic effects of COVID-19 on the world of work are proving to be far worse than the 2008-9 financial crisis, with cutbacks equivalent to nearly 200 million full-time workers expected in the next three months alone, the UN labour agency said.

Human rights are ‘key’ for economic policymaking says UN expert

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”.

Economy on a steady rise in Latin America and Caribbean region ‘despite international turbulence’ – UN report

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.

World Bank sees ‘moderate’ pick up for global economy in 2017 despite weak investment

Global economic growth is forecast to accelerate moderately to 2.7 per cent in 2017 after a post-crisis low last year, the World Bank said in a report released today.

World Bank downgrades global growth in 2016; cites slowdown in major emerging economies

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.

World economic growth falls below last forecast, only modest improvement foreseen – UN

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.

International Monetary Fund downgrades global growth forecast, despite cheaper oil

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.

UN reports potential for gradual return to global growth, foresees risks, uncertainties

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.