The UN "World Economic Situation and Prospects (WESP) 2013" mid-year update notes that, since late 2012, new policy initiatives in major developed economies have reduced systemic risks and helped stabilize consumer, business and investor confidence, but with very limited improvement in economic growth.

“The main priority for policymakers worldwide should be to support a robust and balanced global recovery, with a focus on promoting job creation,” said Shamshad Akhtar, UN Assistant Secretary-General for Economic Development.

Speaking at the launch of the mid-year update, Ms. Akhtar noted that the lingering global slowdown has been replaced by “measurable improvements,” such as United States growth gaining momentum and Japan growing by 3.5 per cent in the first quarter of 2013.

“Emerging economies are growing at below potential but good growth rates,” she added. “The multi-tracked growth pattern is likely to persist and drive the outlook for the rest of 2013 and 2014.”

When the UN Department of Economic and Social Affairs (DESA) published the "World Economic Situation and Prospects 2013" last December, it noted that global growth weakened considerably during 2012 and is expected to remain subdued in the coming two years.

It stated that the global economy is expected to grow at 2.4 per cent in 2013 and 3.2 per cent in 2014. With existing policies and growth trends, it added, it may take at least another five years for Europe and the United States to make up for the job losses caused by the so-called Great Recession of 2008-2009.

According to the update, global growth has been revised slightly downward from the forecasts presented in December. Growth of world gross product (WGP) is now projected at 2.3 per cent in 2013, the same pace as in 2012, before gradually strengthening to 3.1 per cent in 2014, supported by an expected pickup in activity in the US.