- Global growth is projected to increase during 2013
- Upturn is projected to be more gradual than projected in the October Update
- In the euro area, the return to recovery after a protracted contraction is delayed. The near-term outlook for the euro area has been revised downward. Activity is now expected to contract by 0.2 percent in 2013 instead of expanding by 0.2 percent.
- Economic conditions improved modestly in the third quarter of 2012
- Global financial conditions improved further in the fourth quarter of 2012. However, a broad set of indicators for global industrial production and trade suggests that global growth did not strengthen further.