World market overview U．S．stocks steepened their declineTuesday(November 23，2010)after the Federal Reserve downgraded its US economic projections in the minutes of its latest meeting，citing worse than exDeeted growth．The Dow Jones Industrial Average tumbled 159 points，or 1．4％，to 11020 Tuesday．Markets had fallen earlier in the day after a skirmish between North Korea and South Korea and as worries lingered over the stability of euro—zone debt．Stocks fell Tuesday after minutes showed central bank officials downgraded their assessment of the US economy at their last meetingthree weeks ago． The fed expects the economy to grow at a moderate pace next year．With unemployment staying disappointingly high and inflation uncomfortably low．The market may also be disappointed that eentral bank didn’t give more details about how it will evaluate and potentially adjust the scope of the$600 billion bond buying program it announced earlier this month．The market’s reaction to the program，known as quantitative easing or QE2 has been mixed，as some have worried the bond purchases could spur inflation．The Nasdaq Composite fell 1．6％to 2493． Meanwhile，investors continued to worry over the debt situation in the euro zone，where the focus is shifting to Portugal and Spain after Ireland agreed to a bailout package on Sunday．

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UN upgrades world economic prospects for 2010-2011，sees uneven global recovery． A new United Nations(UN)report published on Wednesday(November 24，2010)said that the world economy is poised to recover from last year’s crunch with up to three percent growth this year and 3．2 percent improvement by next year．while warning at the same time that only a solid recovery could recoup job losses and fill the production backlog created by the deep recession． The revised 2010 World Economic Situation and Prospects report said that a great majority ofthe world’s economy had experienced positive growth in the latter part of 2009 and first part of2010，largely supported by governments’fiscal stimulus packages and expansionary monetary policies． It also said that strong governments support from around the world has mostly stabilized global financial markets while noting at the same time that by mid—part of 2010，systemic risks in the word inimical system have been halted and risk premiums in most of credit market segments have subsided to pre—crisis levels． However．the report made it clear that the economic recovery has been advancing at different pace across the world as it cited that growth prospects in some developing nations may be encouraging but“economic activity is lackluster in developed economies and below potential elsewhere in the developing world”． The report is projecting too that unemployment rate would maintain its high ante incidence for a much longer period in most of the developed nations whiles workers in developing countries would be forced to take on vulnerable employment conditions as the number of the working poor should spike further． It stressed that thanks to the Greek fiscal crisis which has now advanced into a eurozone crisis issue，a dismal economic for the whole of Europe is already in the offing and leaving note at the same time that global economic recovery would likely be spearheaded by developing nations such as China and India． The report is upbeat though that the United States eccnomy，which is the world’s largest，would advance by 2．9 percent this year but would slow down a bit in 2011 expecting to grow only by 2．5 percent．It also cited that Japan appears to be still reeling from the oil crisis seen in the 1 970s as economy contracted by more than five percent in 2009 and expected to average a mere 1．3 percent over the next two years． The UN study wrapped up its report with projections of 4．7 percent and 5．3 percent growths in 2010 and 2011 respectively for Africa while in Latin America．GDP growths were projected to soar by four percent and 3．9 percent in respective same periods．as it noted that both continents’economics have seen contractions of more than two percent in 2009．