Summary

Well into the second half of 2013, the continuing weakness of the eurozone and a heavier-than-expected slowdown in emerging economies are stymieing the consolidation of the global economic recovery. In June, the United Nations lowered its global growth projection for the year to 3.1%, trimming 0.1 percentage points off its January calculation and taking the projection almost down to the 2012 figure (3%). China, India, the rest of emerging Asia and the Russian Federation are the economies which have slowed the most. Amid slacking global demand, these countries need to ease their reliance on exports and investment and try to leverage domestic consumption more. Yet even with their growth slowing, emerging economies will continue to account for more than half of global GDP growth in the coming years.

Related Subject(s): Economic and Social Development