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World Economic Situation In 2012 And Outlook For 2013-2014

Author

Listed:
  • Cornel Albu

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.

Suggested Citation

  • Cornel Albu, 2013. "World Economic Situation In 2012 And Outlook For 2013-2014," Conjunctura economiei mondiale / World Economic Studies, Institute for World Economy, Romanian Academy.
    • Handle: RePEc:iem:conjun:y:2013:id:2822000009562063
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    More about this item

    Keywords

    economic growth; GDP; emerging and developing economies; developed economies; International Monetary Fund; European Union; Eurozone;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • F10 - International Economics - - Trade - - - General
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles

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