World economic recovery weak, uneven: UN report (2)

10:30, May 27, 2010      

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However, while fewer developing counties are expected to register another year of declining per capita income in 2010, the impact of the crisis on labor markets and social conditions will continue to be felt.

Worldwide unemployment rose by more than 34 million people in 2009. Despite large amounts of lucidity injected in the financial system, credit growth remains feeble in developed countries creating a protracted period of elevated unemployment rates, said the report.

Stimulus measures should become more focused on boosting employment growth, the report said.

Meanwhile, much stronger international policy coordination is needed to prevent economic crises, such as the Greek debt crisis. The UN report warns leaders to see the fallout in Greece as a wakeup call not to let fears of large public debts prevent coordinated macroeconomic stimulus measures.

Source: Xinhua
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(Editor:燕勐)

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