Welcome to the winter 2012/2013 edition of New European Economy. The year 2012 was one of pain and very little gain as Britain continued along Chancellor George Osborne’s austere road to recovery and the Eurozone lurched from crisis to crisis. Apple became the most valuable company in the world but will no longer sell its products at Comet, which is the latest retail chain to disappear from the high street for good. Banking scandals rocked the City, Facebook botched its IPO and suspiciously low tax bills were received by multinationals such as Amazon and Google.

In the U.K., however, there is a growing sense of economic optimism for 2013 compared to 12 months previously. Although Osborne’s approval ratings have suffered, he retains business support overall. The deficit reduction programme especially has overwhelming backing from UK directors. On the other hand, the European Commission recently cut its forecasts for 2013 growth in Germany, France, Italy and Spain as it predicted that unemployment would rise to a new high of 11.8%.

This edition of New European Economy provides timely advice on how to negotiate the tricky economic times ahead. We describe how pursuing an MBA can help experienced professionals from any discipline to fulfil ambitious career plans and maximise potential in the workplace. Similarly, we examine how working with a business coach can change the way business leaders think and enable them to take their companies to the next level.

To progress and prosper, businesses should be encouraged to take measured risk. Those who play safe may be unlikely to suffer, but they are also less likely to thrive and, in turn, generate growth in the economy and create jobs. New European Economy describes how putting in place sound credit management policies is vital to the success of both small and large companies who are looking to take the risk of expanding overseas.

We take a look at several destinations that offer great potential for foreign investment. These include Bogota, Colombia. Once one of the worst cities to live in in South America, Bogota has acquired a new status as a business hub due to the availability of a skilled workforce, a solid infrastructure and a large customer base. Likewise, the Balearic Islands off the coast of Barcelona are proving increasingly attractive to companies looking for an ideal location to access both European markets and the rest of the world’s growing markets.

The Balearics are a top travel destination known for their iconic sunsets, and in this edition we showcase images from the 2012 Travel Photographer of the Year Awards. The overall winner was British photographer Craig Easton for his evocative, moody images of the ‘dreich’ – an old Scottish word to describe wet, miserable, dank weather. Come rain or shine, however, we wish you all the very best of personal and career success in 2013.