World Income Seen To Decline By 3.7% |
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May 28,2009
World income is likely to decline by 3.7 per cent this year on a per capita basis as a result of a global financial crisis that had disproportionately affected livelihoods in the developing world, a team of United Nations economists said on Wednesday.
World income is likely to decline by 3.7 per cent this year on a per capita basis as a result of a global financial crisis that had disproportionately affected livelihoods in the developing world, a team of United Nations economists said on Wednesday.
In a mid-year update on economic prospects for 2009, the economists revised downward an already pessimistic scenario published in January and warned there were “no green shoots to be seen which could signal beginnings of a new spring”.
The team, led by Rob Vos of the UN’s department of economic and social affairs, estimated the world economy would shrink by 2.6 per cent this year. While a mild recovery was possible next year, “risks remain on the downside”.
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