Executive summary

Global economic growth slipped from 2.4% in 2012 to 2.1% in 2013, as signs of recovery coincided with a high degree of financial volatility in the second half of the year. The eurozone economy again contracted in 2013, by 0.6% in annualized terms, as the ongoing financial crisis and the fiscal austerity programmes implemented to contain it have sapped domestic demand and weakened imports from the rest of the world. The United States posted modest growth in 2013, partly owing to the difficulty in reaching a fiscal policy agreement, which triggered automatic spending cuts.

Related Subject(s): Economic and Social Development