UNITED NATIONS: The global economy is set to expand faster than expected in 2018 and 2019, the United Nations said Thursday, predicting a new a growth rate of 3.2 per cent.

“Growth in the world economy is surpassing expectations and global GDP is now expected to expand by more than three per cent this year and in 2019,” the UN report said.

It said that surge reflected “strong growth in developed countries and broadly favorable investment conditions.”

The new figures show the rate of expected growth for this year revised upwards by 0.2pc from earlier predictions made in late 2017, and up 0.1pc for 2019.

“World trade growth has also accelerated, reflecting a widespread increase in global demand,” the report said. Elliott Harris, the UN Assistant Secretary-General for Economic Development, said that multilateralism “is not an option, it’s a necessity”.

In remarks apparently aimed at Trump, the report warned that “a shift away from unambiguous support for the multilateral trading system, marked by further trade barriers and retaliatory measures, threatens the strength and sustainability of global growth, with potentially large repercussions, especially for developing economies.”

Published in Dawn, May 18th, 2018