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World Economic Situation and Prospects 2007

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The World Economic Situation and Prospects (WESP) is the definitive report of the United Nations on the state of the worldeconomy. One of the most highly anticipated economic reports from the United Nations, it is jointly produced by the Department of Economic and Social Affairs, the United Nations Conference on Trade and Development and the five United Nations Regional Commissions. It provides an overview of recent global economic performance and short-term prospects for the world economy and of some key global economic policy and development issues.

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Regional developments and outlook

The pattern of growth across the developed market region began to shift in 2006, marking a tentative beginning to some rebalancing of activity between economic areas. The United States of America saw a significant slowdown, with growth dropping well below potential during the year, but in the euro area and Japan growth picked up sharply. While the latter two economies have slowed during the second half of the year and are expected to grow at this slower rate in 2007, they are still close to their potential, whereas the United States is expected to continue to grow well below its potential rate.

English

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