The global economy is still fractured. While some countries and regions are moving ahead steadily, others are falling behind. This is perhaps most apparent when comparing the US with the eurozone, but there are deep divisions within the customary country groupings as well. China is powering ahead, while countries such as Brazil and Russia appear to have reached a dead end. Germany remains strong, while France, Italy and Spain seem unable to shake off recessionary tendencies. The prospects for global growth as well as developments in financial markets should be viewed against this backdrop.