UN Sees Winter Landscape, No Green Shoots
The world economy mid-year 2009
The United Nations has downgraded its economic forecast for 2009. The world economy is expected to shrink by 2.6% in 2009 (down from a decline by 0.5% according to the pessimistic scenario of the forecast presented in January). Approaching the end of May 2009, the economic landscape remains very winterly with no visible green shoots to be seen which could signal beginnings of a new spring, according to a UN mid-year report on the world economic situation, summarized by Rainer Falk.
The decline comes after an expansion of the world economy by 2.1% in 2008 and nearly 4% per year during 2004-2007. Developing countries are disproportionately hard hit by the crisis. Should current policy measures take traction, a mild recovery may be expected in 2010, says an update to the World Economic Situation and Prospects 2009 report (WESP) ...
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