19 January 2012: The UN Department of Economic and Social Affairs (DESA), the UN Conference on Trade and Development (UNCTAD) and the five UN regional commissions have released the “World Economic Situation and Prospects 2012.” Providing an overview of recent global economic performance and key global economic policy and development issues, the report intends to provide a point of reference for economic and social UN discussions. According to the report, the world is on the brink of another major economic downturn, and economic growth began decelerating in mid-2011. The report asserts that developing countries and economies in transition are expected to “continue to stoke the engine of the world economy,” with projected average growth of 5.4 percent in 2012 and 5.8 percent in 2013.

The report includes recommended policy directions to avoid another recession. These include: fiscal policies designed to stimulate more direct job creation and investment in infrastructure, energy efficiency and sustainable energy supply, and food security; stronger financial safety nets; better coordination between fiscal and monetary policies; and support for developing countries in addressing the fallout from the crisis and the coordination of policy measures at the international level. [Publication: World Economic Situation and Prospects 2012] [UNESCAP Press Release]