15 January 2009 - The World Economic Situation and Prospects (WESP) 2009 is an annual publication that provides an overview of recent global economic performance and short-term prospects for the world economy. It serves as a point of reference for discussions on economic, social, and related issues taking place in various United Nations entities during the year. The Department of Economic and Social Affairs (DESA), the United Nations Conference on Trade and Development (UNCTAD), and the five U.N. regional commissions all contribute to this joint publication.
The report analyzes in detail the evolution of the global financial crisis during 2008 and the more fundamental factors that led to its build-up. It further assesses the impact on global economic activity, especially in developing countries. The synchronized slowdown in both rich and poor countries is further evidence that the until recently widely held belief that developing country growth would have been �decoupled’ from that in the United States and Europe was dangerously misleading. The report also reviews the policy actions so far taken worldwide in response to the global financial crisis.
The report recommends more forceful fiscal policy stimuli need to be taken in an internationally concerted manner in order to prevent the world economy from falling into a much deeper and more prolonged recession. The WESP further details a number of more fundamental reforms to the international financial system that are needed to reduce risks of a recurrence of such a devastating crisis in the future.
For more information and to order the report, visit here.