World economy to grow 3% in 2018, 2019

The world economy is expected to remain stable in 2018 and 2019 after an impressive growth rate of 3 percent in 2017, said the UN World Economic Situation and Prospects 2018 report, launched on Monday at UN Headquarters in New York.

The growth in 2017 is the strongest performance of the world economy since 2011. Global growth is expected to remain steady at 3 percent in 2018 and 2019, said the report.

The improvement is widespread, with roughly two-thirds of countries worldwide experiencing stronger growth in 2017 than in the previous year.

The improved global economic situation provides an opportunity for countries to focus policy toward longer-term issues such as addressing climate change, tackling existing inequalities and removing institutional obstacles to development, according to the report.

"The World Economic Situation and Prospects 2018 demonstrates that current macroeconomic conditions offer policy-makers greater scope to address some of the deep-rooted issues that continue to hamper progress toward the Sustainable Development Goals," said UN Secretary-General Antonio Guterres in the foreword of the report.

Launching the report, UN Undersecretary-General for Economic and Social Affairs Liu Zhenmin noted: "While the upturn in global growth is a welcome sign of a healthier economy, it is important to remember that this may come at an environmental cost. This calls for stronger efforts to delink economic growth and environmental degradation."

The report also warned of risks, including changes in trade policy, a sudden deterioration in global financial conditions and rising geopolitical tensions.