|AUTHOR||Justin Yifu Lin|
|TOPIC||Budgeting for children|
This year, Global Economic Prospects is being released at a critical juncture for the world economy. A recovery from the financial crisis that rocked the world in the fall of 2008 is under way, but many challenges remain and much uncertainty continues to cloud the outlook.
In many respects, recent economic news has been encouraging. Industrial production and trade, after falling by unprecedented amounts worldwide, are growing briskly; financial markets have recovered much of the steep losses they incurred in late 2008 and early 2009; and developing countries are once again attracting the interest of international investors. However, the depth of the recession has left the global economy seriously wounded. Even as profitability returns to many of the firms that were at the heart of the crisis, industrial production and trade levels have yet to regain their pre-crisis levels, and unemployment has reached double digits in many countries and continues to rise.