21World Economic
Situation
Prospects
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United Nations
World Economic Situation
andProspects 2017
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United Nations
New York, 2017
Te report is a joint product of the United Nations Department of Economic and Social Af-
fairs (UN/DESA), the United Nations Conference on Trade and Development (UNCTAD)
and the fve United Nations regional commissions (Economic Commission for Africa (ECA),
Economic Commission for Europe (ECE), Economic Commission for Latin America and the
Caribbean (ECLAC), Economic and Social Commission for Asia and the Pacifc (ESCAP)
and Economic and Social Commission for Western Asia (ESCWA)). Te United Nations
World Tourism Organization (UNWTO) also contributed to the report.
For further information, see un/en/development/desa/policy/wesp/index.shtml or contact:
DESA
Mr. Wu Hongbo,
Under-Secretary-General
Department of Economic and Social Afairs
Room S-2922
United Nations
New York, NY 10017
USA
UNCTAD
Dr. MukHisa kituyi,
Secretary-General
United Nations Conference on Trade
and Development
Room E-9042
Palais de Nations
1211 Geneva 10
Switzerland
ECA
Dr. abDalla HaMDok,
Executive Secretary
United Nations Economic Commission for Africa
Menelik II Avenue
P.O. Box 3001
Addis Ababa
Ethiopia
ECE
Mr. CHristian Friis baCH,
Executive Secretary
United Nations Economic Commission for Europe
Palais des Nations
CH-1211 Geneva 10
Switzerland
ECLAC
Ms. aliCia bárCena,
Executive Secretary
Economic Commission for Latin America
and the Caribbean
Av. Dag Hammarskjld 3477
Vitacura
Santiago, Chile
Chile
ESCAP
Dr. sHaMsHaD akHtar,
Executive Secretary
Economic and Social Commission for Asia
and the Pacifc
United Nations Building
Rajadamnern Nok Avenue
Bangkok 10200
Thailand
ESCWA
Ms. riMa kHalaF,
Executive Secretary
Economic and Social Commission for Western Asia
P.O. Box 11-8575
Riad el-Solh Square, Beirut
Lebanon
ISBN:978-92-1-109175-5
eISBN:978-92-1-059945-0
United Nations publication
Sales No. E.17.II.C.2
Copyright @ United Nations, 2017
All rights reserved
Acknowledgements
Te
World Economic Situation and Prospects 2017
is a joint product of the United Nations
Department of Economic and Social Afairs (UN/DESA), the United Nations Conference
on Trade and Development (UNCTAD) and the fve United Nations regional commissions
(Economic Commission for Africa (ECA), Economic Commission for Europe (ECE), Eco-
nomic Commission for Latin America and the Caribbean (ECLAC), Economic and Social
Commission for Asia and the Pacifc (ESCAP) and Economic and Social Commission for
Western Asia (ESCWA)). Te United Nations World Tourism Organization (UNWTO)
contributed to the report. Te report also benefted from inputs received from the national
centres of Project LINK and also from the deliberations in the Project LINK meeting held
in Toronto on 19-21 October 2016. Te forecasts presented in the report draw on the World
Economic Forecasting Model (WEFM) of UN/DESA.
Under the general guidance of Lenni Montiel, Assistant Secretary-General for Eco-
nomic Development in UN/DESA, and the management of Pingfan Hong, Director of
Development Policy and Analysis Division (DPAD), this publication was led by Dawn
Holland, Matthias Kempf, and Ingo Pitterle in the Global Economic Monitoring Unit of
DPAD.
Te contributions of Grigor Agabekian, Helena Afonso, Hoi Wai Cheng, Peter
Chow la, Ann D’lima, Cordelia Gow, Andrea Grozdanic, Dawn Holland, Kenneth Ivers-
en, Arend Janssen, Matthias Kempf, Erik Klok (visiting fellow), Poh Lynn Ng, Lara Pal-
misano, Ingo Pitterle, Gabe Scelta, Oliver Schwank, Nancy Settecasi, Krishnan Sharma,
Shari Spiegel, Alex Trepelkov, Sebastian Vergara, Qian Wan (intern) and Jie Wei from
UN/DESA; Bruno Antunes, Stephanie Blankenburg, Alfredo Calcagno, Stefan Csordas,
Samuel Gayi, Taisuke Ito, Mina Mashayekhi, Nicolas Maystre, Alessandro Nicita, Janvier
Nkurunziza, and Julia Seiermann from UNCTAD; Yesuf Mohammednur Awel, Hopestone
Chavula, Adam Elhiraika and Khaled Hussein from ECA; José Palacín from ECE; Claudia
De Camino, Michael Hanni, Daniel Titelman and Cecilia Vera from ECLAC; Hamza Ali
Malik, Jose Antonio Pedrosa Garcia, Matthew Hammill, Dorothea Lazaro, Swayamsiddha
Panda, Nyingtob Pema Norbu andVatcharin Sirimaneetham from ESCAP; Abdallah Al
Dardari, Moctar Mohamed El Hacene, Mohamed Hedi Bchir, Nathalie Khaled, Maroun
Laoun, John Robert Sloan and Yasuhisa Yamamoto from ESCWA; Michel Julian, John
Kester and Javier Ruescas from UNWTO are duly acknowledged.
Te report was edited by Carla Drysdale.
ivWorld Economic Situation and Prospects 2017
Explanatory notes
The following symbols have been used in the tables throughout the report:
..
–
.
-
Two dots indicate that data are not available
or are not separately reported.
A dash indicates that the amount is nil or negligible.
A full stop is used to indicate decimals.
A hyphen indicates that the item is not applicable.
-
/
–
A minus sign indicates defcit or decrease, except as indicated.
A slash between years indicates a crop year or fnancial year,
for example, 2015/16.
Use of a hyphen between years, for example, 2016–2017,
signifes the full period involved, including the beginning and
end years.
Reference to “dollars” ($) indicates United States dollars, unless otherwise stated.
Reference to “billions” indicates one thousand million.
Reference to “tons” indicates metric tons, unless otherwise stated.
Annual rates of growth or change, unless otherwise stated,
refer to annual compound rates.
Details and percentages in tables do not necessarily add to totals,
because of rounding.
Project LINK is an international collaborative research
group for econometric modelling, coordinated jointly
by the Development Policy andAnalysis Division of
UN/DESA and the University of Toronto.
For country classifcations, see statistical annex.
Data presented in this publication incorporate
information available as at 11 November 2016.
The following abbreviations have been used:
AAAA
ADB
AfDB
AIIB
BIS
BoJ
BOP
CFTA
CIS
CPA
DAC
DSR
EBRD
ECB
EEU
EIB
ETFs
EU
FDI
Fed
G20
GCC
GDP
GNI
GVCs
HIPC
IBRD
ICT
IDA
IEA
IFC
IIC
ILO
IMF
ITA
Addis Ababa Action Agenda
Asian Development Bank
Africian Development Bank
Asian Infrastructure Investment Bank
Bank for International Settlements
Bank of Japan
balance of payments
Continental Free Trade Area
Commonwealth of Independent States
country-programmable aid
OECD Development Assistance Committee
debt service-to-income ratio
European Bank for Reconstruction and Development
European Central Bank
Eurasian Economic Union
European Investment Bank
exchange-traded funds
European Union
foreign direct investment
United States Federal Reserve
Group of Twenty
Cooperation Council for the Arab States of the Gulf
gross domestic product
gross national income
global value chains
heavily-indebted poor countries
International Bank for Reconstruction and Development
information and communication technology
International Developement Association
International Energy Agency
International Finance Corporation
Inter-American Investment Corporation
International Labour Organization
International Monetary Fund
Information Technology Agreement
LBMA
LDCs
LIBOR
LME
MC10
MDBs
MFN
NDB
NTMs
ODA
OECD
OIS
OOF
OPEC
PPP
QE
R&D
RTAs
SDGs
SIDS
SMEs
SOEs
SWFs
TFP
TISA
TOSSD
TPP
UN/DES