Following a year of clear progress towards economic recovery in 2010, 2011 gave us pause as the recovery slowed globally and a climate of economic uncertainty developed, especially in the US and Europe.
This report looks at 2012, a year in which economic recovery remained anemic in the face of ongoing European economic troubles, the debt crisis, and the “fiscal cliff” facing US policymakers as we go to press. Heading into 2013, economic uncertainty continues to reign, with the implication for the industrial gas industry that growth will be slow.
The industrial, medical, and specialty gases industry operates on a global scale and is intricately linked to world markets. While the worldwide economy attained real growth of 2.5 percent in 2011, growth in 2012 is estimated to have slowed to 2.2 percent. The global comeback that began in 2010 was driven by strong economic recovery in Asia, India, and South America, where recessionary forces were weaker. Recovery in advanced and emerging economies has been slower as the problems created by the financial excesses that triggered the recession are more widespread. Governments in these economies continue to work to resolve fiscal problems and to bring down high rates of unemployment.
A Look at the Numbers
In preparing our 2012 Worldwide Industrial Gas Market Report, CryoGas International relies on information and statistics from respected organizations such as The World Bank, The International Monetary Fund (IMF), The Organization for Economic Cooperation and Development (OECD), and The European Economic Commission (ECC), and sources like The Economist, Bloomberg, Kiplinger, and The Financial Times. For US information, our primary sources for statistics are the US Bureau of the Census (BuCen) and the US Federal Reserve Board (FRB).
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