Publications - Monographs and Scientific Edited Books

Concerns about possible obstacles to global economic growth in 2012, which we discussed in the previous year, largely become a fact, in particular, the issue of consolidation of public finances in many European countries, especially so. peripheral euro area countries. This problem, which grew into a debt crisis was the main cause of the slowdown in global economic growth in the fourth quarter of 2011, and according to estimates of international organizations, throughout 2012.

It should be noted that the debt crisis in Europe is only a consequence of accumulated long-term global problems, which culminated in the international economic crisis and 2008 - 2009. The main problem to be seen throughout the global financial system, which allows for individual economies to over-debt and manage the economy with deficits under the pretext of „achieving rapid economic growth". It should be noted also that the problem of public debt is not only in Europe but in the United States and Japan which are even more indebted relative to their GDP, but each of these countries uses its giant economies benefits from the international financial system and its position in the world economy, although it may not be benefit for them forever.

The world economy in its further development will face many challenges. The first is the consolidation of public finances in many key economies, particularly in the so-called peripheral euro area countries. The second challenge for the global economy is to reduce the unemployment rate, which is partly a consequence of the international economic crisis. Creating new jobs remains one of the key tasks of governments today. The solution to this problem means an increase in private consumption, increase production, increase savings and investment and enhances economic growth, which ultimately leads to increased standard of living. Another challenge that affects all countries, but particularly the emerging and developing countries cope with the high prices of primary commodities and the inflationary pressures resulting from that.

Another important challenge is to address the long-term global imbalances. This problem is considered as one of the key factors that led to the recent economic crisis, which remains unnoticed or given the reluctance of key world economies, its solution is pushed to indefinitely, which could be a time bomb for the global economy.

The present monograph, the seventh edition in a series of publications of Economic Institute about the development and prospects of the global economy, aims to explain and analyze economic events in the national, regional and global perspective and summarize what the conclusions of the research team built on their knowledge of presented issues arising from long-term investigations based on primary and secondary information drawn from international institutions (World Bank, IMF, WTO, FAO, ILO, UNCTAD etc.) and other reputable scientific organizations. The content of the present monograph is intended for the professional and business community, but also for students of economics.

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