Money Matters - Simplified

U.N. Department of Economic

U.N. foresees tepid world economy

United Nations -- The global economy won't be taking off any time soon, a gloomy United Nations report issued Wednesday projected.

The report -- prepared by the U.N. Department of Economic and Social Affairs, the U.N. Conference on Trade and Development and the five U.N. economic commissions-- forecasts 3.1 percent growth worldwide in 2011 and a 3.5 percent rise in 2012. That won't be enough to put people back to work, the report said.

The U.N. report notes at least 30 million jobs evaporated worldwide between 2007 and the end of 2009. It says fiscal austerity moves being pressed by many nations will further hinder job growth going forward.