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World EconomicSituation andProspects 2009-2010
May 2009
Rob Vos
United Nations
www.un.or/esa/olic
 
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Main messages
1.Worst financial crisis since World War II2.Global economy is in recession
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Synchronized downturn, no green shoots yet
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Rising unemployment
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Setbacks in progress to poverty reduction and otherMDGs
3.Downside risks of a prolonged global recession4.Policy challenges:
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Further decisive and cooperative action is needed torestore the financial health of banks
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Fiscal stimulus measures should be better coordinatedand aligned with global sustainable developmentobjectives
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Deeper reforms of the international financial architectureshould urgently be set in motion
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A new framework for global economic governance
 
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