World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

UN Economic Chief Warns Of Slowing Global Economy

UN Economic Chief Warns Of Slowing Global Economy, Increased Risk In 2006

New York, Oct 4 2005

Rising oil prices and trade imbalances are combining with natural disasters and geopolitical instability to slow the global economy, a senior United Nations official has told a General Assembly committee.

Growth will decelerate in 2006 to 3 per cent, impacting the ability of developing countries to reach the global anti-poverty targets known collectively as the Millennium Development Goals (MDGs), Under-Secretary for Economic and Social Affairs José Antonio Ocampo told the Economic and Financial Committee on Monday. And the reluctance by some world players to adjust trade and financial imbalances could further add to uncertainty and risk in the world outlook, he added.

"At the same time, the broad international economic environment does show some auspicious signs," Mr. Ocampo said, citing robust growth in international trade as well as trade surpluses for some developing countries.

He predicted "a major breakthrough" if development commitments are fully met, particularly for sub-Saharan Africa, where aid is expected to double from $25 billion in 2004 to $50 billion by 2010.

But other indicators point to a destabilization of the world economy, including the unravelling of housing prices in developed economies, a significant rise in long term interest rates, and the reduction in the risk appetite of financial markets, he said.

ENDS

© Scoop Media

 
 
 
World Headlines

 


Binoy Kampmark: Europe Dries Up
Scenes and pictures have been circulating of broken earth, lacking moisture, cracked and yearning. But these are not from traditional drought-stricken parts of the planet, where the animal carcass assumes near totemic power... More>>



UN: Bachelet Alarmed By Number Of Palestinian Children Killed In Latest Escalation

UN Human Rights Chief Michelle Bachelet today expressed alarm at the high number of Palestinians, including children, killed and injured in the occupied Palestinian territory this year, including in intense hostilities between Israel and Palestinian armed groups in Gaza last weekend... More>>

Save The Children: One Year Under Taliban Rule, Girls Are More Isolated, Hungry, Sad: New Report
One year since the Taliban took control of Afghanistan, an economic crisis, crippling drought and new restrictions have shattered girls’ lives, excluding them from society and leaving them hungry...
More>>

Somalia: ‘We Cannot Wait For Famine To Be Declared; We Must Act Now’
Rising acute food insecurity in Somalia has caused more than 900,000 people to flee their homes in search of humanitarian assistance since January last year, the Food and Agriculture Organization (FAO) has warned... More>>

UN: American West Faces Water And Power Shortages Due To Climate Crisis
Two of the largest reservoirs in the United States are at dangerously low levels due to the climate crisis and overconsumption of water, which could affect water and electricity supply for millions in six western states and Mexico, the UN Environment Programme (UNEP) warned on Tuesday... More>>



Singapore: UN Experts Call For Immediate Moratorium On Executions For Drug Offences

UN experts* today condemned the execution of Nazeri Bin Lajim, a 64-year-old Malay Singaporean national convicted of drug offenses and urged the Government of Singapore to halt plans to execute individuals on death row for drug related charges... More>>