As Europe weighs new measures to prop up the euro, a new United Nations report is warning the world could fall into a new global recession if countries enact harsh austerity policies and fail to stimulate their economies. Jomo Sundaram of the U.N. Department of Economic and Social Affairs warned the global economy is facing a pivotal year.

Jomo Kwame Sundaram: “The situation in the world is rather grim. We have a situation where we may well be at risk of a double dip. We are also—in any case, it is very likely that there will be a further slowdown. We know that this has been the case in much of the developed world, but it is also likely to affect much of the developing world.”