UNCTAD projects 2.5-3 percent growth for 2014 global economy

The global economy is forecast to grow by 2.5 to 3 percent this year, according to a report released by the United Nations Conference on Trade and Development (UNCTAD) Monday.

The UNCTAD published the Trade and Development Report 2014 at the 18th China International Fair for Investment and Trade in the southeastern coastal city of Xiamen, Xinhua reported.

Igor Paunovic, a senior economic affairs officer with the UNCTAD, said six years after the global financial crisis, the world is still yet to find a sustainable growth model.

The global economic recovery is still weak and measures to boost economic growth are not sufficient and quite often are not coordinated, Paunovic said.

He said the projected growth rate for 2014 represented a modest acceleration from around 2.3 percent in 2012 and 2013.

Paunovic said the modest recovery in developed nations, particularly in the European Union, contributed to the faster expansion.

The UNCTAD projected that the emerging economies will grow at an annual rate of 4.5 to 5 percent this year, repeating performances in the past couple of years.