Yearbook of the United Nations 2007

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With its comprehensive coverage of political and security matters, human rights issues, economic and social questions, legal issues, and institutional, administrative and budgetary matters, this publication is the most authoritative reference work available on the activities and concerns of the Organization. Fully indexed, the Yearbook includes the texts of all major General Assembly, Security Council and Economic and Social Council resolutions and decisions. This latest volume, the sixty-first, highlights the attention given by the United Nations in 2007 to conflicts in Afghanistan, Central Africa and in the Darfur region, as well as instability in the Middle East, along with the challenges posed by poverty, gender inequality, uneven development, climate change and terrorism.



Development policy and international economic cooperation

In 2007, the growth of the world economy moderated from 2006 to a nonetheless robust 3.7 per cent. The major drag came from a slowdown in the United States, driven by the slump in the housing sector that became much more serious in the third quarter of the year. Significant spillover effects of the financial turmoil originating in the sub-prime mortgage markets were found in major European economies and, to a lesser extent, in Japan and other developed countries. Growth remained robust at 6.9 per cent in most developing countries, and accelerated to 8.0 per cent among the economies in transition as a result of buoyant commodity prices and strong domestic demand. The performance of the least developed countries (ldcs) remained strong on average, despite slowing somewhat compared with the previous year. The financial turmoil during the third quarter of 2007 signalled downside risks for the global outlook, revealing the lack of adequate supervision and regulation of domestic financial markets, as well as the threat of contagion in increasingly integrated, but also less transparent, international markets. In addition, the turmoil turned the spotlight on the problem of global macroeconomic imbalances.


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