World Economic Situation and Prospects 2008

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The World Economic Situation and Prospects (WESP) is the definitive report of the United Nations on the state of the world economy. 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.



Executive summary

After several years of robust growth, the world economy is now facing some serious challenges in sustaining its brisk pace. Th e end of the housing bubble in the United States of America, as well as the unfolding credit crisis, the decline of the United States dollar vis-à-vis other major currencies, the persistence of large global imbalances and high oil prices will all threaten the sustainability of global economic growth in the coming years.


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