Global Economy to Grow 1.7% in 2002, Japan to Fall 0.7%: U.N.

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Last updated at: (Beijing Time) Thursday, October 10, 2002

Global Economy to Grow 1.7% in 2002, Japan to Fall 0.7%: U.N.

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The world economy is expected to grow at 1.7% this year, slightly slower than projected six months ago, while the stumbling Japanese economy will shrink 0.7%, a slower pace than thought earlier, according to a global forecast by economists from around the world, released Wednesday by the United Nations.

The latest U.N. Global Economic Outlook projects a moderately stronger growth in the world economy next year, putting the projected growth rate at 2.9%, down from 3.2% projected in April.

For Japan, the U.N. economic outlook calls for a 0.9% growth next year, down from the 1.7% growth rate projected in April.

Last April, the U.N. economists projected the global growth rate this year at 1.8% and predicted that the Japanese economy would shrink 1.1%.

The U.N. report said the Japanese economy stabilized in the first half of 2002 but the tentative strength in the economy, fueled by a stronger-than-expected upturn in exports, has been dragged down by weak domestic demand.

The U.N. Global Economic Outlook was prepared by Project LINK, a non-governmental research consortium based on a network of more than 60 countries and international organizations, jointly coordinated by the U.N. Department of Economic and Social Affairs and the University of Toronto.

Source: Agencies

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