Global and Regional Forecasts

Article excerpt

The global economy is expected to grow continually in 2008.

This was the projection made in the World Economic Situation and Prospects 2008 study undertaken by the United Nations Department for Economic and Social Affairs (DESA) and the United Nations Conference on Trade and Development (UNCTAD). The study forecast that the global economy will continue to grow in 2008, although such growth will be lower than in the last two years.

While the United Nations study was optimistic about the continuous growth of developing countries, particularly transition economies and poorer nations, the study cautioned the leaders and planners of these countries to be ever watchful of the trends in the global economic environment, which in turn is mostly driven by conditions in major developed countries.

The study said 102 out of 160 countries have grown in per capita terms more than 3 percent in the last year. This extraordinary achievement is expected to be sustained, especially in Pacific Asia, as captured in the regional economic outlook completed by the UN Economic and Social Commission for Asia and the Pacific (ESCAP). …