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.