UN forecasts higher world growth in 2010, led by developing countries (3)

10:29, May 27, 2010      

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"The health of the banks holding much Greek's debt is also at great risk and there's been an enormous loss in confidence in the euro," Vos said.

"The EU came rather late to the rescue, showing the need for deep reforms in the international financial architecture that will reduce contagion in financial markets and make sovereign debt bailouts more orderly and less subject to political bickering."

With lackluster growth prospects for most developed economies, global economic recovery thus will be much more dependent on developing country growth, the report said.

China and India are indeed leading the way with positive spill- over effects to other developing countries, it noted.

Nonetheless, the recovery is more subdued in Africa and Latin America. The Russian Federation and other economies in transition are also seeing a visible rebound from their deep 2009 downturn, but the prospects for a full recovery are still surrounded by great uncertainty, it said.


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(Editor:燕勐)

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