Unemployment in the first quarter of 2012 was 25.2 per cent, and the level of the index of formal non-agricultural employment was still about 1 per cent lower than in the third quarter of 2008. 4  BIS central bankers’ speeches  World trade has improved since 2009, surpassing levels before the global financial crisis.
Advanced economy exports have not fully recovered but emerging market exports have recovered robustly.