The entire 2011/12 financial year was dominated by the impact of the deteriorating global economy, in particular the ongoing European debt crisis. Both the World Bank and the International Monetary Fund (IMF) have recently lowered their global growth forecast, projecting a slight recession for the Eurozone in 2012. Consequently, the South African Reserve Bank's forecast for 2012 growth is around 2.8%, much lower than the previous year's 3%. As a result, this has had a negative impact on government's goal to fight unemployment, poverty and inequality.