Will Eurozone fare better in 2013?
2 January 2013 Last updated at 09:05 GMT
After a year of economic stagnation most people expect a tentative recovery in 2013.
However, hopes for a prosperous new year look bleak across Europe and unemployment across the Eurozone could top 12%.
Tighter government spending, higher taxes and unemployment will not just affect Europe's economic health could also have an impact across the globe.
Nigel Cassidy reports.