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As the 2013 World Economic Forum Annual Meeting gets under way in Davos, with business and political leaders’ discussions falling under three themes: Leading through Adversity, Strengthening Societal Resilience, and Restoring Economic Dynamism; the world economy is set to face another tough year, growing by 3.5% in real terms in 2013 as a whole. Behind this annual forecast, we expect a difficult first half followed by brightening prospects in the second half of the year.
Euromonitor International has identified three trends in the global economy in 2013:
Source: Euromonitor International from national statistics/Eurostat/OECD/UN/IMF
The conference’s slogan of “Resilient Dynamism” reflects a more positive attitude to world economic prospects than was the case in 2012. However confidence remains fragile with risks still remaining over the US debt ceiling and grave concerns over the ability of the eurozone economies to foster strong growth and bring down unemployment.
Further challenges under discussion include income inequality and government debt:
On balance, global prospects are brighter in 2013 than they were in 2012 but serious challenges remain – many related to social issues such as unemployment and income inequality with further outbreaks of social unrest a real threat.