The outlook for an upturn in world growth in 2013 is brighter than that of 2012 when the risk lay with
renewed recession across a number of major economies.Economic conditions improved modestly in the
third quarter of 2012 (Figure 1), with global growth increasing by approximately 3 percent.
The main sources of acceleration were emerging market economies, where activity increased broadly
as expected, and the United States, where growth exceeded expectations. Financial conditions stabilised,
while bond spreads in the Euro area declined and prices for many risky assets, notably equities, rose
globally. Capital flows to emerging markets remained strong.Growth in emerging market
and developing economies is on track to reach 5.5 percent in 2013. Nevertheless, growth is not projected
to rebound to the high rates recorded in 2010–11. The office and retail markets of African countries
were also reviewed.
