This paper is aimed at critically summarizing the recent performance of the world economy. The global figures seem to suggest that, by historical context, the past four years on average may be considered as the most successful for the world economy since the 1960s. The good news about the world's recent economic performance is attributed not only to the success of the traditionally high performers but also the enormous growth that was recorded in wide-ranging group of the industrialized, transition and developing economies. Nevertheless, despite the high average global growth, this growth rate has not been evenly distributed among countries; rather, there has been a substantial disparity both across countries in the same regions as well as across the regional economies. However, the growth prospect of the world economy in 2008 is a bit gloomy in response to policy tightening and the Euro's appreciation against the US dollar, and skyrocketing oil prices, which might slowdown global growth.