But, first, a brief assessment of 2012 and the perspective for 2013 may provide some context. 3. The Global Economy 2012 has proved far more turbulent, uncertain and painful than most economists had predicted.
The European Union, hailed until recently as the nec plus ultra of regional cooperation, came on the brink of implosion, with the rest of the world holding its breath in anticipation of the expected global crash likely to follow in the wake of the widely-predicted “Grexit” which would bring the eurozone to an ignominious end.