U.N. WORLD ECONOMIC REPORT CITES DROPPING OIL FOR WEAKNESS

Dec 10, 2015

By Michael Kramer

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The United Nations says the 2015 world economy saw growth which is estimated at only 2.4 per cent – with developing countries and the former Soviet bloc among the hardest-hit regions.

The U.N. report on The Global Economic Situation and Prospects highlights a drop of nearly 60 per cent in oil prices – and a fall of over 20 per cent in the price of commodities – in the past 18 months.

But there’s one positive statistic – and it has potential implications for the battle against climate change : for the first time in 20 years, there was zero growth in energy- related carbon emissions in 2014 – with the exception of 2009 – when the global economy shrank.

And down the road, the report is projecting a modest recovery in growth around the world – reaching 2.9 per cent next year – and increasing to 3.2 per cent in 2017.

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