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Global Economic Prospects (Vol. 7)
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Global Economic Prospects (Vol. 7)

Less Volatile But Slower Growth

Andrew Burns and Theo Janse van Rensburg
World Bank, 2013
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Editorial Rating

7

Recommendation

Economists Andrew Burns and Theo Janse van Rensburg and their World Bank colleagues present a lengthy, detailed, first-rate report on global economic conditions now and into 2015. They organize information by topic and region – augmented with clear text, graphs, tables and charts – to present an in-depth look at global prospects. Their research indicates that the economic storms of 2008 are over, leaving most countries on stable, if somewhat slippery, footing. Many developing nations still need simplified financial rules and improved infrastructures. The immediate future promises lower commodity prices and continued anemic euro-zone growth. Meanwhile, the threat of violence in the Middle East offers significant risk, and deficit and debt issues in Japan and the US pose potential hazards. getAbstract heartily recommends this lucid summary to businesspeople, financiers, entrepreneurs and investors, especially those engaged in global businesses.

Summary

Easing Toward Stability

The worldwide economy is recovering, albeit slowly. The United States’ gross domestic product (GDP) is up 2.4%, while Japan’s is up 4.1%. The euro zone’s industrial production has increased 0.7%, though its GDP declined slightly. Projections suggest growth in worldwide GDP of 3% in 2013 and 3.3% in 2014. Wealthier countries face somewhat reduced threats of possible crises originating in efforts to restore overall financial health, manage institutional reforms and maintain reasonable fiscal policies. Lack of confidence and restructurings dragged down a European recovery; the United States’ comeback is stronger. Projections put growth in developed countries at 2% in 2014 and at 2.3% in 2015.

Developing countries are more stable, but their projections are mixed. External stability, improved capital flows and a rising global financial tide will lift these nations’ growth to an estimated 5.6% in 2104 and 5.7% in 2015. The Middle East and North Africa project an optimistic 4.2% growth rate by 2015. East Asian and Pacific-area growth estimates cite a regional 7.5% rate of expansion by 2015, with Latin America’s growth at slightly less than 4%, Sub-...

About the Authors

Lead economist Andrew Burns manages the Global Macroeconomic Team in the Development Prospects Group at the World Bank, where Theo Janse van Rensburg is a senior economist.

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