Growth will improve in advanced economies during 2014 as developing countries will be forced to address long-simmering issues.
Optimism about the advanced economies' growth prospects has run ahead of economic data during recent months.
US and Japanese growth should accelerate during 2012 while it is expected to decelerate and decline in China and Europe, respectively.
Strong growth is expected around the world, but many risks still remain.
Competitiveness concerns are raising questions about the viability of the European Monetary Union.
The outlook for the global economy in the year ahead is much weaker than it was one year ago.