We May Have Avoided the Cliffs, But We Still Face High Mountains

Compared to where we were at the same time last year, acute risks have decreased. The United States has avoided the fiscal cliff, and the euro explosion in Europe did not occur. And uncertainty is lower. But we should be under no illusion. There remain considerable challenges ahead. And the recovery continues to be slow, indeed much too slow. Overall, these developments lead us to forecast 3.5 percent world growth for 2013.