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Opportunities in challenges

(People's Daily Online)

16:38, November 29, 2012

World economy sees slump in West and boom in East

In 2012, the world economy suffers an overall decline, showing a trend of slump in West and boom in East. The United States has a moderate yet sluggish recovery and is faced with a “fiscal cliff” in economy. The European debt crisis has been caught in dilemma and becomes the biggest threat to global economy. Europe, the United States and Japan printed a lot of money, shifting the crisis onto other countries.

The economic growth rate of emerging economies slows down in 2012, but still higher than developed countries. The rate of China’s contribution to the world economy reaches up to 69 percent in 2012 and thus China enjoys a bright prospect of development.

The international financial crisis and European debt crisis have increased their influence on international politics, the trade protectionism reappears and Western countries are inclined to adopt conservative political strategies.

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