June 2014
Summary:
World economic growth is expected to accelerate?in 2014-2015
North American and European economies will experience a similar growth trajectory
?Developing economies face stronger challenges, but will continue with relatively robust economic expansion
Based on the latest forecast prepared in May 2014 by the Global?Economic Monitoring Unit in the Department of Economic and?Social Affairs at the United Nations, world economic growth is expected to accelerate in 2014 and 2015. Growth for these years is?now projected at 2.8 per cent and 3.2 per cent, respectively, which is?slightly lower than the forecast made in World Economic Situation?and Prospects 2014, released in…
Monthly Briefing on the World Economic Situation and Prospects, No. 67
May 2014
Summary:
Financing conditions improve in euro area peripheral?countries and in emerging economies
?U.S. economy bounces back after a difficult first?quarter
?China?s first-quarter GDP growth the slowest in?two years
Sovereign debt markets in the peripheral countries of the euro area?have rallied since the fourth quarter of 2013, with yields on 10-year?government bonds falling to pre-crisis levels and in some cases even?below. Yields on Spanish 10-year bonds, for example, fell?below 3.1 per cent, their lowest level since 2005. In part, the euro area?peripheral countries have benefited from the flight to relative quality?capital flows of emerging economies. In addition, the…
Monthly Briefing on the World Economic Situation and Prospects, No. 66
April 2014
Summary:
Global employment remains a challenge
?United States Federal Reserve faces challenges in?adjusting its monetary policy
Financial markets in emerging economies stabilized
The preliminary estimates for employment and unemployment,?prepared by the International Labour Organization (ILO), show?that labour markets have been affected by the slow recovery in?2013. Globally, employment grew by 1.4 per cent in 2013?similar to the 2012 expansion, but stubbornly slower than the growth?of pre-crisis years. As a result, the global jobs gap (measuring the?number of current jobs lost in comparison with the pre-crisis trend)?widened further to 62 million in 2013. Across regions,…
Monthly Briefing on the World Economic Situation and Prospects, No. 65
March 2014
Summary:
World economy is struggling to gain momentum
?Emerging economies face policy dilemma in trying to?stabilize currencies
G20 meeting makes call for new measures to lift growth and create jobs
The global economy seems to have hit a speed bump in recent?months amid colder than expected weather in the United States of?America, a softening manufacturing sector in China and financial?turbulence in many emerging economies. High-frequency data on?industrial activity and trade suggest that the recovery of the world?economy is struggling to gain momentum. According to data from?the CPB Netherlands Bureau for Economic Policy Analysis, global?trade activity lost strength towards…
Monthly Briefing on the World Economic Situation and Prospects, No. 64
February 2014
Summary:
Emerging economies face renewed financial turbulence?
U.S. economy registered robust GDP growth in the?fourth quarter of 2013
?Last quarter of 2013 revealed a heterogeneous?economic performance in developing world
In January 2014, the currencies of several developing economies?depreciated sharply vis-?-vis the U.S. dollar once again, repeating?the episode of the summer of 2013 when the United States Federal?Reserve (Fed) announced its intention to begin tapering the purchase of long-term assets in the near future. This new episode may?indicate a revaluation of financial positions in emerging economies,?triggering further capital outflows and requiring painful…
Monthly Briefing on the World Economic Situation and Prospects, No. 63
January 2014
Summary:
World economy is expected to improve in 2014
Unemployment rates remain a major challenge
Downside risks to the baseline scenario persist
Global economic growth is projected to increase over the next two?years, building on the recent improvement in developed and major?emerging economies. The global economy is expected to grow at a?pace of 3.0 per cent in 2014 and 3.3 per cent in 2015, compared?with an estimated growth of 2.1 per cent for 2013.
?
A challenging global employment situation persists. In addition to?high unemployment levels, the depth and length of labour market?imbalances is leading to long-term and structural unemployment,?becoming more than a mere…
Monthly Briefing on the World Economic Situation and Prospects, No. 62
December 2013
Summary:
Anaemic economic recovery is accompanied by tame?inflation in developed economies.
?GDP growth is stronger than expected in the United?States.
?Currencies in some emerging economies are under?pressure again.
Along with subdued economic recovery in developed economies?and moderated growth in emerging economies, the average global?consumer price inflation index fell to historical lows in 2013, indicating considerable slack in the global economy and the risk of?deflation in some countries. Global consumer price inflation (excluding food and energy) decelerated from an annual rate of 2.2 per?cent in the six months through March 2013 to a 1.8 per cent in the?six months…
Monthly Briefing on the World Economic Situation and Prospects, No. 61
November 2013
Summary:
Global?manufacturing?production?has improved
Economic?recovery?is?strengthening?in?developed?economies,?although?slowly
Public?fiscal?stimulus?programmes?have?been?a?determinant?factor?in?economic?growth?in?many?developing?countries
Global industrial production accelerated by an annualized rate of 4 per cent?in the third quarter of 2013, in line with an ongoing positive trend in industrial production and trade. This is the fastest pace in about two and a?half years, excluding the exceptional circumstances that followed the flooding?in Thailand and Japan?s nuclear disaster in 2011. Industrial production picked?up in many countries, but the strongest acceleration in…
Monthly Briefing on the World Economic Situation and Prospects, No. 60
October 2013
Summary:
US Fed delays the tapering of the QE programme, providing a temporary relief for emerging markets
Chinese economy strengthens
Current-account deficits widen in several emerging economies
?
Contrary to expectations, the United States Federal Reserve (Fed) announced no changes in its monetary policy stance at the Federal Open Market Committee (FOMC) meeting on 17-18 September, maintaining the federal funds rate near zero and keeping the size of its monthly purchases of?long-term assets at $85 billion. Three major factors may explain why the Fed?decided to delay tapering the purchase of assets. First, recent data did not?confirm a sufficiently strong economic…
Monthly Briefing on the World Economic Situation and Prospects, No. 59
September 2013
Summary:
BRICS?establish?anti-crisis?facility
Western?Europe?exits?recession
Growth?in?emerging?markets?remains?uneven amid?structural?issues?and?tightening?external?financing?conditions
During the G20 summit, the countries of the BRICS group (Brazil, the?Russian Federation, India, China and South Africa) agreed to establish a?contingent reserve arrangement by pooling resources in a $100 billion fund.?China will contribute $41 billion, South Africa will contribute $5 billion, and?the three other members will provide $18 billion each. This is a precautionary facility to help shield these emerging economies from stock market and?exchange-rate volatility as the advanced…
Monthly Briefing on the World Economic Situation and Prospects, No. 58
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