Europe is getting old

World GDP

By The Economist

THE world’s recovery from recession is slowing, according to The Economist’s measure of global GDP, based on 52 countries. Third-quarter growth expanded by 3.6% across the world, down by 1.5% from the same period in 2010. The last 12 months have seen the developing world expand at about 7%. Developed countries, meanwhile, have been dragging their heels, weighed down by the euro crisis. Qatar and Ghana are predicted to be the fastest growers of 2011, with GDP increases of 19% and 14% respectively. At the other end of the spectrum, war-torn Libya and debt-laden Greece will both shrink by around 5-6%. In absolute terms, the world will produce $70 trillion worth of goods and services in 2011, according to IMF forecasts, up from $63 trillion in 2010. Around two-thirds of this will come from developed economies, a proportion that will shrink over time.