The outlook : weak growth in 2012, a modest acceleration in 2013 and 2014
The baseline forecast projects that the global economy will expand 2.5 in 2012, before picking up to 3.0 and 3.3 percent in 2013 and 2014 (3.3, 3.9 and 4.2 percent when calculated using purchasing power parity weights).
Outside of the Euro Area, the slowdown in annual growth between 2011 and 2012 (from 2.8 to 2.4 percent) is to a large extent a statistical reflection of slow growth in the second half of 2011 (box 3). Quarterly growth rates during 2012 are expected to be stronger than in 2011 for most developing and many high-income countries. By the same token, the apparent acceleration in annual growth in 2013, mainly reflects the expected strengthening of quarterly growth during 2012—which increases the contribution of carry-over to annual growth in 2013.