Abstract
The aim of the WER is to provide authoritative and objective analysis and commentary on the Welsh economy, and regional economies in general, in a manner that promotes understanding and informs decision-making. The intended audience includes academics, economic development practitioners, policy-makers, and anyone with an interest in the Welsh economy and/or regional economics.
Highlights
Monetary Fund (IMF) published an update to their World Economic Outlook projections
The IMF’s predictions for the world economy were revised downwards compared to their initial figures, largely due to the economic problems of the euro area
The IMF predict that the euro area will contract by 0.5% this year, but that there will be economic growth of 0.8% in 2013
Summary
The IMF’s predictions for the world economy were revised downwards compared to their initial figures (published in September 2011), largely due to the economic problems of the euro area. The IMF predict that the euro area will contract by 0.5% this year, but that there will be economic growth of 0.8% in 2013. Despite these relatively healthy predictions, the US and other world economies will take many years to recover from the global financial crisis. The Economist estimated the number of years lost by each country as a result of the financial crisis (February 25th, 2012). Their overall indicator of economic health comprised three main categories.
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