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A slight pickup in GDP can be expected over the next two years but Europeans must be aware that uncertainties and trade tensions might have bad surprises in store if they escalate, warned UN officials while presenting the United Nations World Economic Situation and Prospects (WESP) 2020 report in Geneva on Thursday.
"Uncertainties have been dispelled but there is still a significant degree of things that are not known regarding the future of the relationship between the UK and the European Union so by the end of the month in principle, the withdrawal will be complete, but future reconciliations and the pace of these negotiations, are still a question mark," said Senior Economic Affairs Officer at the United Nations Economic Commission for Europe Jose Palacin.
"Given the orientation of the European Union economy, trade tensions will have a significant impact on European exporters and potentially also on European companies that export from non-European locations," he added.
The current heavy reliance on "robust stock markets", monetary police as well as rising asset prices does not translate into a balanced economy - between or within countries - said Division on Globalization and Development Strategies director Richard Kozul-Wright.
Kozul-Wright added the European Green New Deal is a step in the right direction of levelling the economic playing field but "financing it, in [their] opinion, is still not sufficient."
Mandatory Credit: UN TV
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