EFN Report Winter 2012/13: Economic Outlook for the Euro Area in 2013 and 2014
In 2012, economic growth was low in most regions of the world. In the euro area, production has been shrinking since the end of 2011, and the British economy barely stagnated in 2012. In the US, anxieties about the fiscal course in 2013 have dampened the recovery at the end of the year. The Japanese economy appears to be falling back into recession, as exports have been falling since summer due to weak demand from Europe and China. In important emerging economies such as China, India, and Brazil, expansion slowed already in 2011. Growth of world trade is, with about 2 ½ % in 2012, particularly slow. Recent data about container turnovers do not indicate a recovery of trade at the end of the year.