World Economic Situation and Prospects 2008 asdf United Nations New York, 2008 Th is report is a joint product of the Department of Economic and Social Aff airs (DESA), the United Nations Conference on Trade and Development (UNCTAD) and the fi ve United Nations regional commissions (Economic Commission for Africa (ECA), Economic Commission for Europe (ECE), Economic Commission for Latin America and the Caribbean (ECLAC), Economic and Social Commission for Asia and the Pacifi c (ESCAP), and Economic and Social Commission for Western Asia (ESCWA)). It provides an overview of recent global economic performance 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 in 2008. For further information, please contact: In New York In Geneva Mr. Sha Zukang Mr. Supachai Panitchpakdi Under-Secretary-General Secretary-General Department of Economic United Nations Conference on and Social Aff airs Trade and Development Room DC2-2320 Palais des Nations, Room E-9050 United Nations, New York 10017, U.S.A. 1211 Geneva 10, Switzerland Phone: (212) 963-5958 Phone: (41) (22) 917-5806/5634 Fax: (212) 963-1010 Fax: (41) (22) 917-0465 E-mail:
[email protected] E-mail:
[email protected] iii Executive Summary The global outlook The world economy facing uncertain times After several years of robust growth, the world economy is now facing some serious chal- lenges in sustaining its brisk pace. Th e end of the housing bubble in the United States of America, as well as the unfolding credit crisis, the decline of the United States dollar vis- à-vis other major currencies, the persistence of large global imbalances and high oil prices will all threaten the sustainability of global economic growth in the coming years.