The times they are a changin'

The year 2012 was difficult for the global economy in general, and India in particular. The US economy remained the ‘best of the West’, with real GDP growth running at close to 2% and mounting evidence that its housing market is finally emerging from its worst downturn since the Great Depression. But the unemployment rate stayed stubbornly high at around 8% as uncertainty over the politicians’ ability to put its public finances on a sustainable course and navigate the so-called ‘fiscal cliff’ curbed animal spirits and crimped business spending.

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