The report emphasized the dependence of Africa's growth

The report emphasized the dependence of Africa's growth on investment in infrastructure,x431 trade and investment ties with emerging economies, and improvements in economic governance and management.More detailed regional forecasts from WESP will be released in January 2014, UN officials said here.The report stressed that the risks associated with a possible bumpy exit from the quantitative easing programs by the U.S Federal Reserve (Fed) threaten the global economy, the UN report said.As already seen somewhat during the summer of 2013, efforts by the Fed to pull out of quantitative easing programs could lead to a surge in long-term interest rates in developed and developing countries.Tapering could also lead to a sell-off in global equity markets, a sharp decline of capital inflows to emerging economies and a spike in the risk premium for external financing in emerging economies.These first-round shocks in international financial markets could transmit quickly to developed and developing economies.The report warns that as the Fed is expected to taper and eventually unwind its quantitative easing programs, emerging economies will face more external shocks. While economic fundamentals and the policy space in many emerging economies are better than when the Asian financial crisis erupted in 1997, emerging economies with large external imbalances remain particularly vulnerable.Other uncertainties and risks include the remaining fragility in the banking system and the real economy in the euro area and the continued political wrangling in the U.S. on the debt ceiling and the budget, said the report.Beyond the economic domain, geopolitical tensions in Western Asia and elsewhere remain serious risks. These and other risk factors, unfolding unexpectedly, could derail the world economy far beyond the report's projections.With multiple and complex challenges facing the world economy, the report calls for strengthening international policy coordination. 

"The primary focus of globally-concerted and coherent policy actions should be a stronger recovery, particularly the recovery of jobs,united-promo" Pingfan Hong, an expert on world economy and UN team leader for the report, said at the press conference."We must also increase attention to reducing the spillover effects coming from the large-scale, unconventional monetary policies adopted by major developed countries on developing countries and economies in transition, particularly when major developed countries start to unwind these policies,GM TECH2" he said.International policy cooperation and coordination are also needed to advance the reforms of the international financial system. Progress in financial regulatory reform has been slow, encountering growing resistance from the financial industry.The report said that more forceful efforts are needed to address the issues of international tax avoidance and evasion, particularly through tax havens. WESP also reiterated that international policy cooperation should ensure sufficient resources to the least developed countries.WESP is produced at the beginning of each year by the UN Department of Economic and Social Affairs (DESA), the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions. The full version of the report will be available on Jan. 20, 2014.