Attaining the full-year targets will obviously require persistent efforts. Meanwhile, there is considerable uncertainty in the international environment as well Global economic activity slowed in 2011 on account of the sovereign debt crisis in advanced economies, the general decline in confidence, and the high prices of commodities.
The global economy’s recovery suffered a blow in late 2011 from the rise in uncertainty caused by the intensifying sovereign debt crisis in the euro area. As a consequence, the risks surrounding projections for 2012 remain elevated. GDP growth is expected to slow both in emerging and developing economies. In 2012, the euro area is expected to experience a mild recession.