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• Growth projections for the global economy revised downward
• The jobs crisis continues
• Euro area debt crisis and rising energy prices are key risks

Despite some scattered signs of improvement in recent months, the world economic situation and prospects continue to be challenging. After a marked slowdown in the course of 2011, global economic growth will likely remain tepid in 2012, with most regions expanding at a pace below potential. The World Economic Situation and Prospects as of mid-2012 projects that world gross product (WGP) will grow by 2.5 per cent in 2012 and 3.1 per cent in 2013, following growth of 2.7 per cent in 2011. This constitutes a slight downward revision from the forecasts presented in the World Economic Situation and Prospects 2012 in January. Downside risks for further weakening of global economic conditions remain unabatedly high.