The world economy: Performance and prospects

For the first time since the oil price hike at the end of the 1970s virtually all regions of the world are experiencing a simultaneous economic slowdown, and a new sustained global upswing is not yet in sight. The sharp downturn in the United States economy over the last quarter of 2000 and into 2001, aggravated by the events of 11 September, appears to have bottomed out, but a strong rebound has not yet materialized. In the Euro area growth has stalled and unemployment is rising. Japan, after a year of negative growth, faces the possibility of prolonged recession in 2002, and it may have to rely on a depreciation of the yen to avoid an even more serious economic situation. In the developing world some indicators have recently improved, but most countries are not in a position to fight the global slowdown with domestic measures and must await recovery in the developed world.

Sustainable Development Goals:

Decent Work and Economic Growth

Partnerships for the Goals