The global economy has experienced three quarters of positive growth following the sharp declines in the first quarter of 2009 and in the preceding quarter. There is, however, considerable heterogeneity in the pace of the upturn in different countries with emerging and developing countries leading the way. The global economy 2.
Although the global outlook is more reassuring than it was a few months ago, uncertainty about the shape and pace of global recovery persists. While macroeconomic risks have decreased, vulnerabilities remain. There is growing concern about the deterioration in the sovereign risk profile and dangers posed to financial stability in some countries.