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Status of the world economy and the global financial situation

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Published on Jul 4, 2013

The Economic and Social Council (ECOSOC) held on 2 July a high-level policy dialogue with the international financial and trade institutions on current developments in the world economy and heard a keynote address by Leonel Fernandez, former President of the Dominican Republic.

Leonel Fernandez, former President of the Dominican Republic, said that the great recession had had an unprecedented cost on the global economy. The total cost of the crisis may be even larger if its impact on innovation was taken into account, which constituted the main engine for economic growth.

Nestor Osorio, President of the Economic and Social Council, in opening remarks, stressed that the short-term risks associated with the crisis in the euro zone still remained, and the economic slowdown in the world's major economies had not diminished. Meanwhile, new medium-term risks had emerged and posed a threat to global financial stability, as they had the potential to derail the feeble recovery of the world economy. There was a need for concerted policy action at the international level to mitigate risks and ensure a sustained economic recovery. Job creation and financing for sustainable development both required close attention. More at http://bit.ly/14Tchqr

Video produced by South South News

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