World economic growth slowed noticeably in 2005 from the strong expansion in 2004. The world economy is expected to continue to grow at this more moderate pace of about 3 per cent during 2006.This report 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. Its main purpose is to serve as a point of reference for discussions on economic, social and related issues taking place in various United Nations entities in 2006.