The International Monetary Fund (IMF) revised downward the global economic growth rates from 3.8 per cent in 2011 to 3.3 per cent in 2012, with a slight increase in 2013. This is an indication of uncertainty in global economic outlook, particularly linked to the crisis in Europe and weak growth prospects in the United States. Domestically, real Gross Domestic Product (GDP) growth is expected to decline to 2.5 per cent in 2012 compared to 3.1 per cent in 2011.