Economic statistics

The recovery in the global economy proved sluggish in 2011, dragged down by increasing strains in the eurozone, particularly the sovereign debt crisis in Greece and austerity measures, which curbed consumer demand. Structural fragilities were especially evident in private sector balance sheets, as financial markets were buffeted by a series of shocks (oil and food price volatility, the earthquake and tsunami in Japan, the Arab Spring, etc.). Global activity weakened during the year and became more uneven, with business and investor confidence falling sharply, increasing the downside risks. Against this backdrop, global growth eased to about 3.9 percent in 2011 from 5.3 percent in 2010, according to the recent IMF outlook.

Related Subject(s): Economic and Social Development