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http://www.newsmax.com/international/un_world_economy/2007/11/28/53011.html
UN: World Economic Growth Rate Slowing
Wednesday, November 28, 2007
UNITED NATIONS -- The world economy has been growing more slowly after
global unemployment jumped to 6.3 percent last year, the highest in a
decade, the United Nations reported Wednesday.
Because it is the world's largest economy, the United States and its
weakening housing market are "the major drag for this global slowdown," said
the U.N. report,
It puts the expected growth of 2007 world gross product at 3.2 percent, down
from an average 3.8 percent a year during the previous decade.
"We see a number of worrisome trends," said Sha Zukang, the U.N.'s
undersecretary-general for economic and social affairs. "Globally, despite
robust rates of economic growth, employment creation is lagging behind
growth of the working-age population."
Some 195 million people were unemployed in 2006, an increase that despite
continued growth in global economic output is "giving rise to the phenomenon
of jobless growth," the report said.
The global labor pool comprises about two-thirds of the 4.6 billion people
of working age, which the U.N. puts at 15 and older.
In the decade ending in 2006, the global unemployment rate rose to 6.3
percent, up from about 6 percent, according to the U.N.'s Department of
Economic and Social Affairs, Conference on Trade and Development and five
regional commissions.
Zukang said these were the latest available U.N. statistics.
The U.N. economists said that for the first time in history, the service
industry, accounting for 40 percent of all jobs, overtook agriculture as the
biggest employer.
"The world is rapidly becoming an economic system with employment dominated
by the service sector, in which many jobs are low-paying and precarious and
are not covered by formal mechanisms of social protection," the report said.
It said the unemployment rate was highest, at 12.2 percent, in the Middle
East and North Africa, followed by 9.8 percent in sub-Saharan Africa, 8
percent in Latin America and the Caribbean, 6.6 percent in Southeast Asia
and the Pacific, and 6.2 percent among developed nations' economies.
UN: World Economic Growth Rate Slowing
Wednesday, November 28, 2007
UNITED NATIONS -- The world economy has been growing more slowly after
global unemployment jumped to 6.3 percent last year, the highest in a
decade, the United Nations reported Wednesday.
Because it is the world's largest economy, the United States and its
weakening housing market are "the major drag for this global slowdown," said
the U.N. report,
It puts the expected growth of 2007 world gross product at 3.2 percent, down
from an average 3.8 percent a year during the previous decade.
"We see a number of worrisome trends," said Sha Zukang, the U.N.'s
undersecretary-general for economic and social affairs. "Globally, despite
robust rates of economic growth, employment creation is lagging behind
growth of the working-age population."
Some 195 million people were unemployed in 2006, an increase that despite
continued growth in global economic output is "giving rise to the phenomenon
of jobless growth," the report said.
The global labor pool comprises about two-thirds of the 4.6 billion people
of working age, which the U.N. puts at 15 and older.
In the decade ending in 2006, the global unemployment rate rose to 6.3
percent, up from about 6 percent, according to the U.N.'s Department of
Economic and Social Affairs, Conference on Trade and Development and five
regional commissions.
Zukang said these were the latest available U.N. statistics.
The U.N. economists said that for the first time in history, the service
industry, accounting for 40 percent of all jobs, overtook agriculture as the
biggest employer.
"The world is rapidly becoming an economic system with employment dominated
by the service sector, in which many jobs are low-paying and precarious and
are not covered by formal mechanisms of social protection," the report said.
It said the unemployment rate was highest, at 12.2 percent, in the Middle
East and North Africa, followed by 9.8 percent in sub-Saharan Africa, 8
percent in Latin America and the Caribbean, 6.6 percent in Southeast Asia
and the Pacific, and 6.2 percent among developed nations' economies.
