World Economic Situation - United Nations

1 World Economic Situation and Prospects 2018asdfUnited NationsNew York, 2018 The report is a joint product of the United Nations Department of Economic and Social Af-fairs (UN/DESA), the United Nations Conference on Trade and Development (UNCTAD) and the five 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 Pacific (ESCAP) and Economic and Social Commission for Western Asia (ESCWA)). The United Nations World Tourism Organization (UNWTO) also contributed to the report.

2 For further information, visit or contact:DESAMr. Liu ZhenMin, Under-Secretary-GeneralDepartment of Economic and Social AffairsRo om S -2922 United NationsNew York, NY 10017 USA( +1-212-9635958 C TADDr. Mukhisa kituyi, Secretary-GeneralUnited Nations Conference on Trade and DevelopmentRoom E-9042 Palais de Nations1211 Geneva 10 Switzerland( + 41-2 2- 9175 8 0 6 Vera songwe, Executive SecretaryUnited Nations Economic Commission for AfricaMenelik II Box 3001 Addis AbabaEthiopia( +2 51-11- 55112 31 oLga aLgayeroVa, Executive SecretaryUnited Nations Economic Commission for EuropePalais des NationsCH-1211 Geneva 10 Switzerland( +41-22-9174444 aLicia B rcena, Executive SecretaryEconomic Commission for Latin America and the CaribbeanAv.))))

3 Dag Hammarskj ld 3477 VitacuraSantiago, ChileChile( +56 -2-221020 0 0 shaMshaD akhtar, Executive SecretaryEconomic and Social Commission for Asia and the PacificUnited Nations BuildingRajadamnern Nok AvenueBangkok 10200 Thailand( +6 6 -2-2881234 MohaMeD aLi aLhakiM, Executive SecretaryEconomic and Social Commission for Western Box 11-8575 Riad el-Solh Square, BeirutLebanon( +961-1-981301 @ : 978-92-1-109177-9eISBN: 978-92-1-362882-9 United Nations publication Sales No. @ United Nations , 2018 All rights reservedAcknowledgementsThe World Economic Situation and Prospects 2018 is a joint product of the United Nations Department of Economic and Social Affairs (UN/DESA), the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions ( Economic Commission for Africa (ECA), Economic Commission for Europe (ECE), Eco-nomic Commission for Latin America and the Caribbean (ECLAC), Economic and Social Commission for Asia and the Pacific (ESCAP)))))

4 And Economic and Social Commission for Western Asia (ESCWA)). The United Nations World Tourism Organization (UNWTO), and staff from the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS) and the International Labour Organization (ILO) also contributed to the report. The report has benefited from inputs received from the national centres of Project LINK and from the deliberations in the Project LINK meeting held in Geneva on 3-5 October 2017.

5 The fore-casts presented in the report draw on the World Economic Forecasting Model (WEFM) of the general guidance of Liu Zhenmin, Under-Secretary-General for Economic and Social Affairs, and the management of Pingfan Hong, Director of Development Policy and Analysis Division (DPAD), this publication was coordinated by Dawn Holland, Chief of global Economic Monitoring Unit of contributions of Grigor Agabekian, Helena Afonso, Peter Chowla, Ian Cox, Andrea Grozdanic, Arend Janssen, Shanlin Jin (intern), Leah C. Kennedy, Matthias Kempf, Poh Lynn Ng, Ingo Pitterle, Micha Podolski, Gabe Scelta, Krishnan Sharma, Shari Spiegel, Nancy Settecasi, Anya Thomas, Alexander Trepelkov, Thet Wynn, Sebastian Vergara and Yasuhisa Yamamoto from UN/DESA; Bruno Antunes, Stefan Csordas, Taisuke Ito, Mina Mashayekhi, Nicolas Maystre, Janvier D.

6 Nkurunziza, Bonapas Onguglo and Julia Seier-mann from UNCTAD; Yesuf Mohammednur Awel, Hopestone Chavula, Adam Elhiraika, Khaled Hussein, Allan Mukungu, Sidzanbnoma Nadia Denise Ouedraogo from ECA; Jos Palac n from ECE; Claudia De Camino, Michael Hanni, Esteban P rez-Caldentey, Ram n Pineda, Daniel Titelman, Cecilia Vera, Jurgen Weller from ECL AC; Hamza Ali Malik, Jose Antonio Pedrosa Garcia, Sara Holttinen, Jeong-Dae Lee, Kiatkanid Pongpanich and Vatcharin Sirimaneetham from ESCAP; Seung-Jin Baek, Moctar Mohamed El Hacene, Mohamed Hedi Bchir and Ahram Han from E SC WA; Michel Julian, John Kester and Javier Ruescas from UNWTO; Miniva Chibuye from UN-OHRLLS; Sheena Yoon, Stefan K hn and Steven Tobin from ILO are duly report was edited by Carla Economic Situation and Prospects 2018 Explanatory notesThe following symbols have been used in the tables throughout the report.

7 - Two dot s indicate that data are not available or are not separately dash indicates that the amount is nil or hyphen indicates that the item is not minus sign indicates deficit or decrease, except as indicated../ A full stop is used to indicate decimals. A slash between years indicates a crop year or financial year, for example, 2017 of a hyphen between years, for example, 2017 2018 , signifies the full period involved, including the beginning and end to dollars ($) indicates United States dollars, unless otherwise to billions indicates one thousand to tons indicates metric tons, unless otherwise rates of growth or change, unless otherwise stated, refer to annual compound and percentages in tables do not necessarily add to totals, because of LINK is an international collaborative research group for econometric modelling, coordinated jointly by the Development Policy and Analysis Division of UN/DESA and the University of country classifications.

8 See Statistical presented in this publication incorporate information available as at 11 November following abbreviations have been used: AAAABISBoJbpdCISCO2 ECAECBECEECLAC ESCAPESCWAEU FDIFedG20 GCCGDPGHGGNI GVCsICAOICTA ddis Ababa Action AgendaBank for International SettlementsBank of Japanbarrels per dayCommonwealth of Independent Statescarbon dioxideUnited Nations Economic Commission for AfricaEuropean Central BankUnited Nations Economic Commission for EuropeUnited Nations Economic Commission for Latin America and the CaribbeanUnited Nations Economic and Social Commission for Asia and the PacificUnited Nations Economic and Social Commission for Western AsiaEuropean Unionforeign direct

9 InvestmentUnited States Federal ReserveGroup of TwentyThe Cooperation Council for the Arab States of the Gulf gross domestic productgreenhouse gasgross national incomeglobal value chainsInternational Civil Aviation Organizationinformation and communications technologyIEA IIFILOIMFIMO LDCsMDBsNAF TAODAOECDOPECPPPSDGsSIDS TFPUN/DESAUNC TADUNEPUNWTOVATWESPWGPWTOI nternational Energy AgencyInstitute of International FinanceInternational Labour Organization International Monetary FundInternational Maritime Organization least developed countriesmultilateral development banks North American Free Trade Agreementofficial development assistanceOrganisation for Economic Co-operation and DevelopmentOrganization of the Petroleum Exporting Countriespurchasing power paritySustainable Development Goalssmall island developing Statestotal factor productivityDepartment of Economic and Social Affairs of the United Nations SecretariatUnited Nations Conference on Trade and DevelopmentUnited Nations Environment ProgrammeUnited Nations World Tourism Organizationvalue-added taxWorld Economic Situation and Prospectsworld gross productWorld

10 Trade OrganizationvForewordForewordThe 2008 financial crisis laid bare the inadequacies in the rules we need for a stable and prosperous global economy. After a long period of stagnation, the World economy is finally strengthening. In 2017, global Economic growth approached 3 per cent the highest rate since 2011. As the World Economic Situation and Prospects 2018 demonstrates, current macroeconomic conditions offer policymakers greater scope to address some of the deep- rooted systemic issues and short-term thinking that continue to hamper progress towards the Sustainable Development Goals.