• The global economy is slowing down. Global growth will only rebound in the second half of 2012, led by the resurgence of emerging economies.

  • Risks to the global outlook are still strongly tilted to the downside, as the European sovereign, financial and fiscal crisis continues.

  • This crisis has pushed Europe into recession. Successive EU summits since October and ECB’s actions have just bought some time, but major advances have yet to come.

  • Emerging economies are heading for a soft landing, buttressed by strong domestic demand. Growth is likely to rebound at end-2012, as policies become more growthsupportive.