[Image courtesy of www.uniosil.org]
New UN report on the global economy
The UN released part of a new report last week titled, "World Economic Situation and Prospects 2011," which warned that global growth over the next two years will not be enough to restore the 30 million jobs lost between 2007 and 2009.
The UN projects that the world economy will expand by 3.1% in 2011 and 3.5% in 2012.
The US, Japan and major economies in the eurozone stand at risk of falling into a new recession while the global recovery will continue to be driven by developing economies, especially China, India, Russia and Brazil. However, the growth of the emerging economic powers is expected to moderate.
The Chinese and Indian economies are expected to expand at 8.9% and 8.2%, respectively, next year.