The report urged more efforts to advance the ongoing multilateral consultations sponsored by the International Monetary Fund, which involve China, the Euro area, Japan, Saudi Arabia and the United States. The consultations are focused on narrowing global current-account imbalances while maintaining robust growth.

Under this framework, along with more active policies in other major surplus and deficit economies, China could make a great contribution to rebalancing the global economy, through policies to create broader-based domestic demand, particularly in the areas of expanding social security, improving health and education services, and strengthening rural income, the United Nations said in the report.

The annual report is a joint product of UN Department of Economic and Social Affairs, UN Conference on Trade and Development and the five UN regional commissions. It provides an overview of recent global economic performance and short-term prospects for the world economy and of some key global economic policy and development issues.