Developments in the World Economy and Implications for Africa

After a strong rebound in 2010, the world economy slowed in 2011 owing to increased risks and uncertainties that are expected to remain in 2012 and beyond. The negative effects of the triple crisis of 2007–2009—food, energy and finance—still linger, and the euro area sovereign debt crisis has aggravated the structural imbalances in the world economy and cast doubt on the prospects for sustained growth and a quick recovery. The shift of “toxic assets” from private sector to government balance sheets in major developed economies did not relieve the global financial system as expected, but instead worsened government fiscal positions, paced by new global financial turmoil with the onset of the euro area crisis.

Related Subject(s): Economic and Social Development
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