Report: Global economy to remain weak in 2013

5 February 2013

Global financial growth is likely to remain subdued throughout 2013 as the impact of the worldwide slump rumbles on.

That is according to the latest Global Economic Forecast from the National Institute of Economic and Social Research (NIESR), which has predicted that worldwide gross domestic product will expand by 3.3 per cent this year and 3.7 per cent in 2014.

One of the main drags on financial performance over the course of the last few years has been the eurozone crisis and the body indicated that expansion in the single currency area will only be "slight" over the course of the next two years.

Meanwhile, the world's three primary superpowers - Japan, the US and China - are expected to experience respective growth levels of 1.4 per cent, 2.4 per cent and 7.3 per cent in 2014.

"More than five years after the financial crisis, the world economy remains weak, with very high unemployment in advanced economies and continued below trend growth overall," the NIESR noted.

By Gary Cooper

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