Graphics: Expansion Expectations

(Beijing) – A recent United Nations report says China's GDP will expand by 7 percent this year and the figure for the world economy will be 2.8 percent, 0.3 percentage points lower than the forecast in a January report.

The report, published on May 19 by the UN Department of Economic and Social Affairs, says China will see growth of 6.8 percent next year, a figure that was unchanged from January. The global economy is predicted to expand by 3.1 percent, down 0.2 percentage points.

The UN's economics department said the lower predictions were related to an expected normalization of monetary policy in the United States, uncertainty in the euro zone, potential spillovers from geopolitical conflicts and persistent vulnerabilities in emerging economies.

Falling prices of oil and other commodities are having regional impacts. Commodity-exporting economies will see lower growth, but importers will benefit from the lower prices.