Transnational Institute. Thomas Piketty. The 147 Companies That Control Everything. Secret-TPP-treaty-IP-chapter.pdf. SpiritLevel-jpg_0. The globalization tapes. Maquilapolis. IMF. World Economic Outlook. WEO 2012. Lately, the near-term outlook has noticeably deteriorated, as evidenced by worsening high-frequency indicators in the last quarter of 2011 (Figure 2: CSV|PDF). The main reason is the escalating euro area crisis, which is interacting with financial fragilities elsewhere (Figure 3: CSV|PDF). Specifically, concerns about banking sector losses and fiscal sustainability widened sovereign spreads for many euro area countries, which reached highs not seen since the launch of the Economic and Monetary Union.
Bank funding all but dried up in the euro area, prompting the European Central Bank (ECB) to offer a three-year Long-Term Refinancing Operation (LTRO). Bank lending conditions moved sideways or deteriorated across a number of advanced economies. Capital flows to emerging economies fell sharply. Currency markets were volatile, as the Japanese yen appreciated and many emerging market currencies depreciated significantly. Downside risks stem from several sources. . • Fiscal adjustment. WEO 2013. Global growth is projected to remain subdued at slightly above 3 percent in 2013, the same as in 2012. This is less than forecast in the April 2013 World Economic Outlook (WEO), driven to a large extent by appreciably weaker domestic demand and slower growth in several key emerging market economies, as well as a more protracted recession in the euro area. Downside risks to global growth prospects still dominate: while old risks remain, new risks have emerged, including the possibility of a longer growth slowdown in emerging market economies, especially given risks of lower potential growth, slowing credit, and possibly tighter financial conditions if the anticipated unwinding of monetary policy stimulus in the United States leads to sustained capital flow reversals.
Stronger global growth will require additional policy action. Financial market volatility increased globally in May and June after a period of calm since last summer. WEO 2014. WEO 2008. World Bank Group. Karl Was Right: Capitalism Post-2008 is Falling Apart Under the Weight of its Own Contradictions.