European space activities in the global context

Abstract

In 2009 the global financial crisis entered a new stage, in which the adverse effects of last year’s credit crisis started to weigh on worldwide economic activity. The year was marked by a fall in global industrial production and trade activity and a consequent steep rise in unemployment. However, the first signs of improvement also made their appearance, as bank earnings and capital levels began to rise again and GDP growth started to return, although it is not expected to reach pre-crisis levels for several years. In 2010 this trend is expected to continue, but economic recovery will be slow and precarious. This year’s economic policies are expected to focus on continuing the reform of the financial and banking system, rebalancing the patterns of global trade, boosting private consumption, enhancing international cooperation and restraining unemployment rates before they change from cyclical to structural. The pace of economic recovery is expected to be slow and very different from country to country. Emerging economies will exit the crisis at a quicker pace than advanced ones, but the whole process will remain fragile and extremely vulnerable to adverse events such as rising commodity prices, geopolitical events, or a resurge of protectionism.