Executive summary

While the reorientation in global production and trade continues, with developing countries contributing larger shares to world output and trade, the performance of the global economy and merchandise trade in 2012 is a reminder of the high level of global economic integration and interdependence. During the year, growth in world gross domestic product decelerated to 2.2 per cent from 2.8 per cent recorded in 2011. In tandem, and reflecting a simultaneous drop in import demand of both developed and developing economies, the growth of global merchandise trade volumes also decelerated to 1.8 per cent year-on-year.

Related Subject(s): Transportation and Public Safety