..Press Release................................ UNESCAP News Services

Date: 18 January 2012
Media Advisory No: N/01/2012

World Economic Situation and Prospects 2012 Briefing

BANGKOK (UN ESCAP Strategic Communications and Advocacy Section) -- Global economic growth started to decelerate on a broad front in mid-2011 and this slow growth is expected to continue into 2012 and 2013. The United Nations estimates growth of world gross product (WGP) at 2.8 per cent in 2011, and its baseline forecast projects growth of 2.6 per cent for 2012 and 3.2 per cent for 2013, which remains below the pre-crisis pace of global growth. The risks for developing ESCAP countries are tilted to the downside. Deep and prolonged recessions in major developed economies could have a severe impact on growth across the region, with falling exports and increased uncertainty possibly triggering a downturn in private investment and consumption.

Several policy directions which could avoid a double-dip recession will be discussed at a briefing on the “World Economic Situation and Prospects 2012” at the UN Conference Centre on January 19. This will include the optimal design of fiscal policies to stimulate more direct job creation and investment in infrastructure, energy efficiency and sustainable energy supply, and food security; stronger financial safety nets; better coordination between fiscal and monetary policies; as well as the provision of sufficient support to developing countries in addressing the fallout from the crisis and the coordination of policy measures at the international level.

What: Briefing on the Publication on “World Economic Situation and Prospects 2012”
Who: Opening remarks: Aynul Hasan, Officer-in-Charge, a.i., Macroeconomic Policy and Development Division (MPDD), ESCAP

Presentation: Dr. Oliver Paddison, Economic Affairs Officer, MPDD, ESCAP

Comments and discussion by distinguished panelists:

Dr. Pawin Siriprapanukul, Faculty of Economics, Thammasat University
Mr. Isara Ordeedolchest, Senior Vice President, KTZmico Securities Comapany Limited, Bangkok Thailand

When: Thursday, 19 January 2012 at 14:00 to 15:30 hours

Where: Theatre, Ground Floor of the UN Conference Centre, Bangkok

World Economic Situation and Prospects (WESP) is a joint product of the Department of Economic and Social Affairs, the United Nations Conference on Trade and Development and the five United Nations regional commissions. 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 during the year.

For further information about the event, please contact:

Ms. Francyne Harrigan
Chief, Strategic Communications and Advocacy Section, ESCAP
T: (66) 2 288 1864, M: (66) 81 835 8677, E: harriganf@un.org