Wealthy countries must bolster public spending to avoid global slump, says UN

UN's trade and investment arm says prospects for global growth look bleak unless developed countries can boost growth rates

Rich countries must boost public spending and kickstart growth if the world is to avoid a damaging downturn as emerging economies slow, according to the UN's trade and investment arm, Unctad.

In its annual trade and development report, the Geneva-based body warns that developed countries risk sliding into "secular stagnation" - a long period of lacklustre economic growth, driven by weak consumer demand.