UN flagship publication provides overview of global economic trends in 2013

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Pingfan Hong

The global economy is expected to continue to grow over the next two years, but stronger international policy coordination is needed to steady the remaining fragility in the banking system and geopolitics which could hamper financial stability.

That's according to the annual "World Economic Situation and Prospects 2014" report (WESP), released on Wednesday.

The UN Department of Economic and Social Affairs and the UN Conference on Trade and Development (UNCTAD) produced the report in cooperation with the Organization's five regional commissions.

Pingfan Hong is the Chief of the Global Economic Monitoring Unit at UNCTAD.

"The world economy has experienced another year of subdued growth in 2013, unable to meet even the modest projections many institutional forecasters made earlier, including ours. Nevertheless, we believe some improvements are building the momentum for next year. We expect the world economy to grow by about 3 per cent for 2014 compared with an estimated growth of 2.1 per cent estimated for 2013."

In the US, the report notes, fiscal tightening and a series of political gridlocks over budgetary issues impacted growth, but the trajectory is expected to increase by 2.5 per cent in 2014.

The WESP provides an overview of recent global economic trends and short-run prospects for the world economy as well as key global economic policy and development issues.

Jocelyne Sambira, United Nations.

Duration: 1’49″

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