The United Nations released World Economic Situation and Prospects 2013. The global economic growth forecast for 2013 is lowered from 2.7% to 2.4%, and that for 2014 is lowered from 3.9% to 3.2%. Meanwhile, the economic growth in China for 2013 and 2014 is estimated at 7.9% and 8%, respectively. The growth in the US and Japan will only be 1.7% and 0.6%, respectively, in 2012.
The report says the current economic growth pace is not sufficient to solve the employment crisis happening in many western countries. Europe and the US need at least 5 years to recover the lost jobs caused by the financial crisis in 2008-2009.
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