This update to the World Economic and Social Survey 2002 offers a unique insight into current trends and policies in the world economy. This report looks at the world economy in 2002 and identifies priorities for 2003. The report states that the present global economic weakness could be aggravated by prevailing uncertainties. Bringing about a robust and sustained recovery in world economic growth should therefore be the top priority for macroeconomic policies in most economies in 2003. Over the long run, further structural reforms continue to be needed so that both national economies and the international trade and financial systems contribute to higher and more balanced growth.