A new United Nations (UN) report published on Wednesday 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 of the world's economy had experienced positive growth in the latter part of 2009 and first part of 2010, largely supported by governments' fiscal stimulus packages and expansionary monetary policies.

It also said that strong governments support from around the world has mostly stabilised global financial markets while noting at the same time that by mid-part of 2010, systemic risks in the world financial 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 lacklustre in developed economies and below potential elsewhere in the developing world."

The report is projecting too that unemployment rate would maintain its high rate incidence for a much longer period in most of the developed nations while workers in developing countries would be forced to take on vulnerable employment conditions as the number of the working poor should spike further.

The UN study also gave observations that finances of Greece, Portugal, Spain and Ireland have taken a turn for the worst owing to their governments' weak policy responses and the deepening economic crisis in Europe.

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 economy, 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 1970s as its economy contracted by more than five percent in 2009 and expected to average a mere 1.3 percent over the next two years.

The report is forecasting a strong recovery coming from East Asia as China's regional domestic product growth would surge by 7.2 percent this year though it would slow down a bit in 2011 with projections of up to 6.9 percent growth.

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' economies have seen contractions of more than two percent in 2009.