UN: World economy stumbled in 2015 with drop in oil and commodities and 2.4 per cent growth

The United Nations says the world economy stumbled in 2015, with growth estimated at just 2.4 per cent and developing countries and the former Soviet bloc among the regions hardest-hit.

The report on the World Economic Situation and Prospects cited a nearly 60 per cent drop in oil prices and over 20 per cent fall in global commodity prices in the last 18 months.

The report launched Thursday does cite one positive statistic with potential implications for efforts to combat climate change: There was no growth in energy-related carbon emissions in 2014 for the first time in 20 years, with the exception of 2009 when the global economy contracted.

Looking ahead, the report is projecting a modest recovery in global growth, reaching 2.9 per cent in 2016 and 3.2 per cent in 2017.