Emerging economies fuel recovery as growth remains weak in rich countries – UN

UN DESA report

UN DESA report

Large economies in developing countries are leading the global recovery, while the economies in comparatively wealthy nations are still weak, according to a new United Nations report.

The mid-year issue of the World Economic Situation and Prospects (WESP) was released today at UN headquarters in New York.

It predicts only moderate growth in even the biggest economies, like Asia and Latin America, because of rising inflation, emerging domestic asset price bubbles, and upward pressure on exchange rates.

The report, prepared by the UN Department of Economic and Social Affairs (DESA), also says in developed countries, the numbers of people out of work for six months or longer continues to rise.

Rob Vos, the Director of the Development Policy and Analysis Division of DESA, says there is some good news:

 "The key message is the better than expected performance, particularly emerging markets' economies several of them, but also slightly greater strengths of the US economy."

duration:  11″

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