His appeal last year to the UN to recognise a Palestinian state stalled under pressure from the Western donors who finance his government.

ECONOMIST: The Palestinians

With growth stalled, the pressure is on governments across Europe, not just ones using the single currency, to cut spending in order to meet debt obligations.

BBC: Europe leaders warn of difficult 2012

Regardless, the economy appears to have stalled, putting pressure on Fed Chairman Ben Bernanke to provide additional stimulus and on President Obama to deliver leadership and get the economy moving. (Read Deeply Divided Fed As Some Raise Stop Signs While Other Push For More QE).

FORBES: Beige Book Describes Zombie Economy As Markets Await Obama's Jobs Speech