Welcome to the United Nations
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.
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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 cyclical issue. As long-term unemployment increases, labour force participation declines, masking real?unemployment rates. Discouraged workers may join the labour?market only after employment creation accelerates. Among specific social groups, young people have been particularly affected by?the financial crisis. The world youth unemployment rate is close to?13 per cent, at least one-third of whom officially qualify as ?long-term? unemployed, after finishing their educational and training?programmes.
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Download the World Economic Situation and Prospects Monthly Briefing No. 62