Monthly Briefing on the World Economic Situation and Prospects, No. 54

• Commodity?prices?decline?as?global?trade?remains?weak
• The?ECB?cuts?interest?rates,?returning?to?conventional?monetary?policy
• Economic?momentum?weakens?in?East?Asia;?another?interest?rate?cut?in India

The global economy continued to expand at a subdued pace in the first?quarter of 2013. The euro area is still in a recession and the recovery has?been feeble in most other developed countries. In addition, many emerging economies, including Brazil, China, India and the Russian Federation,?are growing below pre-crisis levels and exhibiting major difficulties. The?weak global demand is affecting the performance of trade and the evolution of world market prices for primary commodities. ?

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