World economic growth to continue in 2007 - UNCTAD
The world economy will maintain its momentum and expand for a fifth consecutive year with estimated overall output growth of 3.4% in 2007, the United Nations Conference on Trade and Development (UNCTAD) said on Wednesday.
In its annual Trade and Development Report, UNCTAD said the 2007 growth rate would be a little lower than the 4% growth in 2006, mainly due to the slowdown in the United States. The contraction in the housing market will drag US gross domestic product for 2007 to a modest 2% growth, compared with 3.3% last year, the report said. According to the report, China and India will again set the pace for growth in the developing world, with growth rates of 10.5% and 8.5% in 2007. But the two countries and other emerging economies should continue to take preventive measures, such as increasing domestic demands, in case the US economy slips into a recession, thus affecting their exports, UNCTAD said in the report.
The report predicted a 2.8% economic growth for the European Union and 2.3% growth for Japan in 2007. Africa is expected to continue economic growth of around 6% in 2007, while Latin America and West Asia will slow down only slightly, to around 5%. For now, the world economy is going through a “golden period,” UNCTAD Secretary-General Supachai Panitchpakdi told reporters in Geneva. He said developing countries, including many of the poorest, will continue to benefit from strong demand for primary commodities. (peopledaily.com.cn)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.