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World Economic Situation and Prospects 2012: Update as of mid-2012

The economic crisis has prompted an immediate response by governments to avoid a collapse of the financial and banking systems and limit the economic effects of the credit crunch. Such policies aim at stabilising the economy and initiating a rapid recovery. But policies also need to ensure that the recovery is durable, i.e. based on sustainable growth. The crisis should not damage the drivers of long-term growth, but should instead be used as a springboard to accelerate structural shifts towards a stronger, fairer and cleaner economic future. Failing to do so might lead only to a temporary recovery as the. | World Economic Situation and Prospects 2012 Update as of mid-2012 United Nations New York 2012 World Economic Situation and Prospects 2012 Update as of mid-2012 Summary Despite scattered signs of improvement the world economic situation and prospects continue to be challenging. After a marked slowdown in 2011 global economic growth will likely remain tepid in 2012 with most regions expanding at a pace below potential. In the face of subdued growth the jobs crisis continues with global unemployment still above its pre-crisis level and unemployment in the euro area rising rapidly. The risks to the global outlook are tilted to the downside. The euro area debt crisis remains the biggest threat to the world economy. An escalation of the crisis would likely be associated with severe turmoil on financial markets and a sharp rise in global risk aversion leading to a contraction of economic activity in developed countries which would spill over to developing countries and economies in transition. A further sharp rise in global energy prices may also stifle global growth. National and international concerted policies should be enacted on multiple fronts in order to break out of the vicious cycle of deleveraging rising unemployment fiscal austerity and financial sector fragility in developed economies. Breaking this cycle requires policy shifts away from fiscal austerity and towards more counter-cyclical fiscal stances oriented to job creation and green growth. These policies need to be better coordinated across the major economies and concerted with continued expansionary monetary policies in developed countries and accompanied by accelerated financial sector reforms and enhanced development assistance for low-income countries. The present document updates World Economic Situation and Prospects 2012 United Nations publication Sales No. E.12.II.C.2 released in January 2012. http www.un.org esa policy wess .