The global recovery has slowed once more and growth is likely to remain subdued for at least another year. Admittedly, prospects for the US are relatively bright, but this is not sufficient to offset mounting problems elsewhere. Expectations of stronger support from the ECB have bought more time for the euro-zone but have not eliminated the risk of euro break-up or staved off a recession. And emerging economies have slowed due to a variety of structural problems. Beyond 2013, the outlook is a little brighter provided we are right in thinking the worst of the euro-zone crisis may have passed by then.
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