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UN paints bleak picture of stagnating world economy

May 12, 2016 - 11:47 AM

The United Nations is lowering its forecast for the world economy, painting a bleak picture of stagnating growth with little prospect for a turnaround this year.

The report released Thursday on the World Economic Situation and Prospects as of mid-2016 forecasts overall global growth of just 2.4 per cent this year, the same as last year.

The new forecast is a significant drop from the 2.9 per cent growth the U.N. predicted for this year in its report last December.

Assistant Secretary-General Lenni Montiel told a news conference launching the report that forecasts for many countries in Africa and Latin America as well as Russia and many of the former Soviet republics have been revised downward over the past few months.

News from © The Associated Press, 2016
The Associated Press

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