Global economic recovery "remains precarious"

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Global Economy

The current global economic recovery remains precarious, according to Permanent Representative of Guyana, Ambassador George Talbot.

Ambassador Talbot is the Chairperson of the General Assembly's Committee which deals with economic and financial matters.

He spoke on Monday at a joint meeting of the Committee and the Economic and Social Council (ECOSOC), one of the main organs of the United Nations.

Ambassador Talbot said that over four years have passed since the global financial and economic crisis began and the economic growth worldwide is predicted to expand at a pace far below potential over the next two years.

"Many of the structural weaknesses underpinning the crisis remain unresolved and the current economic recovery remains precarious. Many developed countries are still reeling from the crisis. Unemployment remains disturbingly high. Banks, firms and households continue to deleverage resulting in holding back of normal credit flows, investment and consumer demand. Fiscal austerity being pursued to tackle public debts has often backfired."

(Duration: 28")

Ambassador Talbot added that these weaknesses have spilled over to developing countries.

He said demand for their exports has weakened while capital flows and commodity prices have become increasingly volatile.

Filed under Today's News.
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