World economy: A work in progress

THE global economy in 2013 remained suspended between the poles of hope and uncertainty.

While recovery gained momentum, particularly in some advanced economies, the world economy is not yet flying on all engines and is likely to remain underpowered next year as well.

The International Monetary Fund’s latest forecast puts global GDP growth at 3.6% in 2014, which is decent, but still below potential growth of around 4%. The world could still generate considerably more jobs without fuelling inflation.