UN report paints "bleak picture" of world economy

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Press conference on the launch of World Economic Situation and Prospects as of mid-2016. UN Photo/Loey Felipe

The world economy is expected to grow by just 2.4 per cent this year, the same low rate as last year, a senior UN official has confirmed.

A new report launched by the UN Department of Economic and Social Affairs (UNDESA) on Thursday paints a bleak picture of the world's economy.

In 2017, the world economy projected to expand by 2.8 per cent, marking a very modest improvement.

Jocelyne Sambira has more.

Weak global growth continues to linger, with little prospect for a turnaround this year, according to UNDESA's Assistant Secretary-General Lenni Montiel.

He told reporters at the UN in New York that "a broad-based revival of global growth remained elusive".

Here's Lenni Montiel.

"The bleak state of the world economy clearly poses significant challenges for Member States around the world but certainly for the United Nations development system. Forecast for many countries in Africa, the Commonwealth of Independent States and Latin America have been revised downward over the past few months."

While commodity prices have stabilized, Montiel noted, they are expected to remain at low levels for the next two years.

The report also highlights the negative impact of severe weather-related shocks from El Nino which have adversely affected agricultural output and sharply increased food prices in parts of Africa, Asia, Latin America and the Caribbean.

Meanwhile, the GDP growth in the Least Developed Countries is expected to fall by at least by 7 per cent in 2016 and 2017, putting at risk the much-needed investment in education, health and climate change adaptation.

Jocelyne Sambira, United Nations.

Duration: 1’24″

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