Global economy improves but challenges remain, says UN report

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Shamshad Akhtar, Assistant Secretary-General for Economic Development, addresses a press conference on the mid-year update of the UN World Economic Situation and Prospects (WESP) 2013. [UN Photo/Rick Bajornas]

The global economy is expected to slowly gain momentum, according to a United Nations report released on Thursday.

The UN World Economic Situation and Prospects (WESP) 2013 says that since late 2012, new policy initiatives in major developed economies have reduced systemic risks.

It says these initiatives have helped stabilize consumer, business and investor confidence, but with very limited improvement on economic growth.

UN Assistant Secretary-General for Economic Development, Shamshad Akhtar, says since the release of the last report in January, lingering global economic slowdown has been replaced by measurable improvements.

"U.S. growth gained momentum and Japan grew by three-and-a-half per cent in the first quarter of 2013. In the Euro area there is contraction but there is differences in divergence in growth there. Emerging economies are growing at below potential but good growth rates. The multi-tracked growth pattern is likely to persist and drive the outlook for the rest of 2013 and 2014." (28")

However, Ms. Akhtar points out that the world economy continues to face significant uncertainty and risks.

Ms. Akhtar says the main priority for policy makers worldwide should be to support a robust and balanced global recovery, with a focus on promoting job creation.

Donn Bobb, United Nations.

Duration: 1'21"

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