World Economic Situation and Prospects 2013

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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. WESP 2013 will highlight the continuing Euro debt crisis, the protracted jobs crisis and the possibility for the world economy to plunge back into another recession. 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.



International trade

The vigorous recovery in world trade in the immediate aftermath of the Great Recession has quickly lost its momentum. Growth of world trade, as measured in the volume of world imports and exports, moderated sharply for the second year in a row, dropping from 12.6 per cent in 2010 to 6.4 per cent in 2011 and 3.2 per cent in 2012 (figure II.1). The deceleration of world trade has been closely associated with the weakening of global demand, resulting mainly from stalling economic activity in Europe and anaemic aggregate demand in the United States of America and Japan. Developing countries and the economies in transition are increasingly feeling the effects of the slowdown through integrated global networks of production and trade. As a result, global output and trade have slowed in tandem.


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