Posted on 30 November 2007

 

Source: Manila Bulletin, November 30, 2007
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.

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 UN report, released Wednesday.

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 UN’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.

 

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