The world’s economic growth continued to slow in the final quarter of 2011.
Year-on-year growth fell
by just under one percentage point to 2.5%.
Developed countries’ average
growth slumped to less than half a percent despite a small uptick in
the third quarter.
The BRIC economies saw declining growth for a seventh
successive quarter.
In Europe heavy austerity measures have stifled
growth; the economies of the Netherlands, Greece and Italy all
contracted in the fourth quarter.
Oil prices, which recently rose over
$128 per barrel, are placing new pressure on the global economy.
The
news is not all bad, however; America's job market has started to pick
up speed again. The latest quarterly results show the biggest increase
in employment added since April 2006—a good start to the new year.
The year 2011 has special salience on account of the fact that we are all Members of the United Nations Security Council.
The visit of an IBSA delegation to Damascus in August this year and their interaction with the Syrian leadership demonstrated the political role which IBSA can usefully play
The emergent powers of the world are casting themselves in the same imperialist moulds.
Last month Brazil proposed a meeting of the finance ministers of the BRICS bloc – Brazil, Russia, India, China and South Africa – to discuss ways in which they could help the European Union overcome its financial crisis.
