Abstract

As FY2013 came to a close, financial conditions had improved, but the road to a comprehensive and robust global recovery was expected to remain bumpy. Policy actions during the year addressed the gravest short-term risks, but growth prospects were little changed by the end of April 2013, and the global economy was evolving at different speeds—in various parts of the world improved financial conditions had not translated evenly into growth or other factors were acting as brakes.