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World Economic Situation and Prospects 2012

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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.

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Regional developments and outlook

Growth in the developed market economies is slowing and the risks of recession have increased dramatically. The post-recession recovery was already weak, which is typical of recoveries following financial crises where bank lending is constrained as balance sheets are repaired and consumers increase savings rates to make up for large losses in wealth and high levels of debt. Due to the loss of revenue and increased expenditures incurred, the recession also left Governments with greatly elevated levels of budget deficits and debts that have now led to considerable pressure for budget consolidation in most countries. High levels of unemployment in many developed countries are a most bitter legacy of the recession. These have hardly budged since the onset of the recovery, and threaten to become entrenched.

English

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