Current trends and challenges in the world economy

The global economy is still struggling to return to a strong and sustained growth path. World output, which grew at a rate of 2.2 per cent in 2012, is forecast to grow at a similar rate in 2013. Developed countries will continue to lag behind the world average, with a likely 1 per cent increase in gross domestic product (GDP), due to a slight deceleration in the United States and a continuing recession in the euro area. Developing and transition economies should grow by about 4.7 per cent and 2.7 per cent respectively (table 1.1). Even though these growth rates are significantly higher than those of developed countries, they remain well below their pre-crisis levels. Furthermore, they confirm the pace of deceleration that started in 2012.

Related Subject(s): International Trade and Finance