ECONOMY & TRADE

The purpose of this note is to analyze the main financial and monetary trends in 2013 with a particular emphasis on the second half, marked by financial volatility that affected especially emerging countries.

The global economy entered in 2013 in a phase of significant change, namely a transition in which the recovery in advanced economies combined with a strengthening activity in emerging and developing economies, correlatively to the sharp increase in international trade. The recovery of advanced economies was stronger in the second half driven by the acceleration of growth of the US economy in the fourth quarter of 2013 and the exit of the Euro zone from recession during the same quarter. Favorable banking and financing conditions have contributed to the strengthening of the recovery of advanced economies in context of very low inflation.