The United Nations Department of Economic and Social Affairs UNDESA has published in collaboration with the United Nations Conference on Trade and Development UNCITRAL and the five United Nations Regional Commissions, the World Economic Situation and Prospects (WESP) Report.
The document provides an overview of recent global economic trends and short-term prospects for the world economy and of some key global economic policy and development issues. One of its purposes is to serve as a point of reference for discussions on economic, social and related issues taking place in various United Nations entities during the year.
The report outlines that after a year of fragile and uneven recovery, global economic growth started to decelerate on a broad front in mid-2010 and this slower growth is expected to continue into 2011 and 2012. The United Nations baseline forecast for the growth of world gross product (WGP) is 3.1 per cent for 2011 and 3.5 per cent for 2012, which is below the 3.6 per cent estimated for 2010 and the pre-crisis pace of global growth. Actually, the current financial crisis faced by developed economies burden with government debts continues to drag the global recovery and pose risks for the world economic stability in the coming years.