End of Recession in Nigeria Contributes to Global GrowthIdes Ofune 5th June 2018 0 COMMENTS
According to the United Nations World Economic Situation and Prospects (WESP) 2018, Global Economy is now growing by about 3%, the highest since 2011. This growth is expected to be sustained in 2018 and 2019. The report states that this increase can be attributed to growth in several developed countries and the dynamism in South and East Asian countries. In 2017, China alone, contributed to the growth of East and South Asia. In addition, the end of recession in Argentina, Brazil, Nigeria and the Russian Federation was a contributing factor.
However, this growth is not evenly distributed as parts of Africa, Western Asia, Latin America and the Caribbean remain home to about 275 million people living in extreme poverty. The report suggests mobilising resources and making investment opportunities to meet the financial needs of least developed countries. The report highlights four areas where policy can address the challenges; increasing economic diversification, reducing inequality, supporting long-term investment and tackling institutional deficiencies. Policy change in these areas is expected create value long term, increase productivity and generate stronger investment and jobs.
The United Nations World Economic Situation and Prospects (WESP) report is the UN’s flagship publication on expected trends in the global economy. WESP is produced annually by the UN Department of Economic and Social Affairs (DESA) in collaboration with the UN Conference on Trade and Development (UNCTAD), the five UN regional commissions and the World Tourism Organisation (UNWTO).
Source: United Nations
Ides Ofune is currently a PhD Student at the University of Leeds. Her research focuses on civil society and accountability in improving the quality of education. She is the founder of Desert Bloom Initiative and editor of Desert Bloom Advisory. Ides is very passionate about education and creating an inclusive society. She speaks French and English fluently. She can be reached at firstname.lastname@example.org