UN: Global Economy Slowdown Until Mid-2003

World | October 10, 2002, Thursday // 00:00

The global economy is going to stay in the doldrums until mid-2003, the United Nations warns. Till now, the UN believed that the world shouold have pulled itself round from the slowdown which began in 2000 by the end of this year, with 1.8% growth in 2002 and 3.2% expansion in 2003. But now the UN Department of Economic and Social Affairs (Undesa) says 1.7% and 2.9% is a closer estimate, as low investment and slumping stock markets offset consumer enthusiasm and attempts by governments to spend their way out of the downturn. Last year, global growth was at its slowest in a decade at 1.3%.

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