UN report: Asia, LatAm still lead recovery

AP News
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Posted: May 25, 2011 11:46 AM
UN report: Asia, LatAm still lead recovery

The United Nations says in a midyear update that emerging economies in Asia and Latin America are still leading the global economic recovery.

The midyear update of World Economic Situation and Prospects released Wednesday says the world gross product is now expected to grow by 3.3 percent in 2011 and 3.6 percent in 2012 _ a slight adjustment upward from forecasts released at the beginning of this year.

The report says the world continues to recover from the global economic crisis, but while growth is strong in developing countries it's weak in many developed nations.

It says the recovery is led by large emerging economies in Asia and Latin America, notably China, India and Brazil.