Prospects for global growth have begun to gradually strengthen after suffering a setback in 2011. Improved activity in the United States and critical policy actions in the euro area reduced the immediate threat of a sharp global slowdown. However, recent gains are fragile and latest indicators have been less encouraging. Moreover, fundamental challenges remain unresolved—the recovery remains rather vulnerable and prone to setbacks, and unemployment remains stubbornly, and unacceptably, high in many advanced economies. Recent developments have provided a window of opportunity to get ahead of the crisis, but the window may be closing. Policymakers must forge ahead with bold and comprehensive action to engender a robust recovery. Growing global interconnectedness implies that effects from key downside risks materializing could be felt widely. The panel will discuss potential risks to the global recovery and policy responses.

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