WORLD ECONOMIC SITUATION IN 2012 AND OUTLOOK FOR 2013-2014

Cornel Albu

Conjunctura economiei mondiale / World Economic Studies, 2013

Abstract: The year 2012 was marked by a slowdown in the global economy, with a GDP growth rate of only 3.2%, lower than in the previous year. While the economic growth for developed countries reached 1.2%, the USA (+2.2%), Japan (2.2%) and Canada (1.8%) registered higher growth rates. By contrast, the European Union experienced an absolute decline (-0.2%), due mainly to the unfavourable developments in the Eurozone (-0.6%). A slightly higher growth but without reaching the performance levels of previous years was recorded in emerging and developing countries, remarking China, whose economy grew by 7.8% in 2012. In the context of the global economic iem:conjununcture, the volume of trade in goods and services worldwide was up by only 2.5%, well below the pace of 2010-2011 (12.6% in 2010 and 6% in 2011). IMF experts have reported many risks that could affect the world economy in 2013-2014, such as: private consumption and thus domestic demand, international oil price developments as a result of geopolitical tensions in Iran and Syria, the sovereign debt crisis in the Eurozone etc.

Keywords: economic growth; GDP; emerging and developing economies; developed economies; International Monetary Fund; European Union; Eurozone (search for similar items in EconPapers)
JEL-codes: E21 E22 E23 E24 F10 F21 F44 (search for similar items in EconPapers)
Date: 2013
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