2011 - a pivotal year for the global economic recovery

Global economic growth staged a clear-cut recovery in 2010. Last year’s estimated 5 per cent annual global growth was above the 3.6 per cent average rate of the previous decade—although the expansion remains uneven and incomplete. Rebalancing, internal and external, continues to be crucial. Without this economic rebalancing, there will be no healthy recovery. Rebalancing is a complex process. No single measure, no one country holds the solution on its own. In other words, despite the overall global growth rebound, substantial shifts will be needed in order to secure the intended goals of strong, sustainable, and balanced global growth. Moreover, the critical role for enhanced global economic and financial policy cooperation is self-evident.