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UN drops global growth forecast, higher unemployment expected

UN drops global growth forecast, higher unemployment expected article image

The United Nations has revised its global growth forecast, predicting the world's economy will contract by 2.6 percent this year; significantly more than the 0.5 percent contraction they originally forecast as a worst case scenario for 2009. The UN updated its World Economic Situation and Prospects 2009 report, which was issued in January, to note: "If financial markets do not unclog soon and if the fiscal stimuli do not gain sufficient traction, the recession would prolong in most countries with the global economy stagnating at lower welfare levels well into 2010." The organisation's Department of Economic and Social Affairs has also flagged the possibility of unemployment reaching 50 million people worldwide, a figure they warned could double if the world economy deteriorated further.

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