U.N. predicts improved economy, slow job growth

UNITED NATIONS, May 21 (UPI) -- The global economy will grow despite slower progress for developing countries and a slow job market, the United Nations said in a report released Wednesday.

The "U.N. World Economic Situation and Mid-Year Prospects 2014" mid-year update offered lower expectations from forecasts in its earlier edition. World gross product for 2014 is projected at 2.8 percent, and 3.2 percent in 2015, up from 2.2 percent in 2013.

"More than five years after the financial crisis, the world continues to struggle with getting the global economic engine back to running at full capacity. We have not sufficiently boosted output, trade and employment to their potential levels," said Pingfan Hong of the U.N. Department of Economic and Social Affairs.

The report noted global employment is rising, but not as fast as in the pre-crisis years, and that Africa was expected to see a 4.2 percent increase in gross domestic output, although political instability in Libya, Syria, Iraq and Yemen could decrease that figure.