Risk of double dip recession in developed economies high: UN

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Checking job vacancies. Employment center in France

The world economy is on the brink of another major downturn, warns the United Nations 2012 World Economic Situation and Prospects report.

The report says that global economic growth started to decelerate in mid-2011 and is estimated to have averaged 2.8 per cent over the last year.

Persistent high unemployment, the debt crisis in Europe and premature fiscal austerity measures could trigger a new recession.

Alfredo Calcagno is a senior economist with the UN's Trade Agency or UNCTAD.

"What is particular of this report is that the risks and basically the downside risks are particularly high. We consider then that the risk of a double dip in major economies is relatively high, that this will affect in case it happens, the performance of emerging economies whose performance are already moderating.

Meanwhile, developing countries and economies in transition are expected to grow on average 5.4% in 2012.

Duration: 33″

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