World economic situation and prospects 2012 (Darkening skies over the world economy)

The World economic situation and prospects as of mid-2012 was launched today in New York by Assistant Secretary-General Jomo Kwame Sundaram and DPAD Director Rob Vos. The report notes that the global economic situation is challenging, with heightened risks of a severe downturn. Global growth will likely remain tepid for the rest of the year as most regions are projected to expand at a below-potential pace. The euro area debt crisis continues to be the biggest threat to the world economy. The report calls for a shift away from self-defeating fiscal austerity and towards a renewed stimulus that directly supports job creation and green growth.