UN slightly lowers global economic growth forecasts for 2014, 2015, citing cold US winter, Ukraine crisis, lower growth expectations in some developing nations; new forecasts call for growth of 2.8% in 2014, 3.2% in 2014, down from 3%, 3.3%, respectively
May 21, 2014
– The United Nations is slightly lowering its forecasts for global economic growth in 2014 and 2015 for a variety of reasons including the exceptionally cold winter in the United States, the escalating political crisis in Ukraine, and financial turbulence earlier this year.
The U.N. also cites lower growth expectations in some developing countries.
The new forecasts released Wednesday predict economic growth of 2.8 percent in 2014 and 3.2 percent in 2015, down from U.N. forecasts in December of 3 percent growth this year and 3.3 percent growth next year.
Pingfan Hong, the head of the U.N.'s Global Economic Monitoring Unit, told a news conference launching the report that "more than five years after the financial crisis, the world economy has not recovered back to running at full capacity."
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