MercoPress. South Atlantic News Agency

Cost of world crisis: 2% world GDP say Commerce Chambers

The current financial crisis could exact a toll on the world's gross domestic product, an international business group in Belgium said.

In a statement released Tuesday, the Global Chamber Platform, representing regional and national chambers of commerce from Asia, Europe, the United States and Africa, said next year's global gross domestic product will rise "at least 5%." Global unemployment is expected to reach 6% next year, the group said. The group predicted the economies of Europe and the United States will both grow within the range of 0-2 percent next year while China, Russia, India and the Gulf countries 5-10 percent. The unemployment rate is expected at 6-8 percent in Europe and the U.S., 3-6 percent in China and Russia and 8-10 percent in India "At the same time, the current financial crisis could 'cost' 2 percent of the world's GDP and at least 1 million jobs," the groups said. A recent survey conducted by Eurochambres indicated "the current financial crisis as the main threat to global growth". The international group predicted the price of oil would "stabilize around 100 US dollars a barrel next year. The GCP called for "increased flexibility of labor markets" and reaffirmed their commitment to free trade and open markets "despite the obstacles caused by the financial crisis," the statement said. "As entrepreneurs, we need to be positive and look for solutions out of this crisis," GCP Chairman Christoph Leitl said.