Monthly Briefing on the World Economic Situation and Prospects, No. 50

• World economic prospects for 2013 only slightly improving
• Uncertainties and risks looming
• More proactive and concerted policy actions needed

Five years after the eruption of the global financial crisis, the world?economy is still struggling to recover. According to the United Nations?World Economic Situation and Prospects 2013, growth of world?gross product is forecast to reach 2.4 per cent in 2013 in the baseline?estimates, only a slight improvement from the estimated growth of?2.2 per cent for 2012. Weaknesses in the major developed economies are at the root of the continued global economic?woes. Most of them have been dragged into a downward spiral?by the problems of sovereign debt, banking fragility, fiscal tightening and high unemployment. Several European economies and?Japan are already in their second recession in just a few years, and?their outlook remains grim.?The economy of the United States also?weakened notably during 2012 and the growth prospects for 2013?remain sluggish.

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