ANALYSIS | There are a lot of fears that the political uncertainty in 2012 is going to produce an economic recession next year, according to economic forecasters. More than 20 million Yahoo search hits exist for the term "recession 2013." Millions of them are connected to "politics" or "election."

SINGAPORE (Reuters) - Brent crude futures slipped towards $121 on Friday as demand growth worries resurfaced after China's economic expansion lagged expectations, while caution ahead of talks between Iran and world powers and North Korea's missile launch capped losses. The world's second-largest economy grew at the weakest pace in nearly three years in the first quarter, with the annual rate of expansion easing to 8.1 percent. This weighed on prices as the market had positioned for the growth numbers to top forecasts. ...

SINGAPORE (Reuters) - Gold edged lower on Friday after weaker-than-expected first-quarter growth data from China prompted a modest rise in the dollar, but the losses were capped as the slower growth fuelled the prospects for further monetary easing. The world's second-largest economy experienced a fifth consecutive quarter of slowing growth in the first three months of 2012, with the gross domestic product reading at a lower-than-expected 8.1 percent. The dollar index inched up 0. ...

TOKYO (Reuters) - The euro and the Australian dollar eased on Friday after Chinese growth data disappointed traders already positioning for a strong showing, but other Chinese data came mostly in line with expectations, limiting the downside. The currency markets showed no immediate reaction to news that North Korea's much hyped long-range rocket apparently crashed into the sea a few minutes after launch on Friday. China's annual economic growth slowed to 8.1 percent in the first quarter of 2012 from 8.9 percent in the previous quarter, falling short of economists' forecast of 8. ...

JOHANNESBURG (Reuters) - South Africa's rand retreated against the dollar, dragged by worse-than-expected Chinese economic data which has seen commodity currencies fall in early Friday trade. The rand is susceptible to Chinese economic developments as about 30 percent of South Africa's exports are to Asia. The data showed China's first-quarter growth was at its slowest in nearly three years and below economists' expectations. The rand was down just over half a percent at a session low of 7.9099 at 0628 GMT, compared to a 7.8650 close in New York on Thursday, when the rand had gained 1. ...

China said Friday its economy grew 8.1 percent in the first three months of 2012, its slowest pace in nearly three years, as it was hit by weak demand in the nation's key export markets.

JOHANNESBURG (Reuters) - South Africa's economy is on a more sure footing, but the target growth of 7 percent required to slash unemployment will not come without fixing infrastructure backlogs slowing expansion, Treasury Director-General Lungisa Fuzile said on Friday. Fuzile also said at the Reuters Economist of the Year Award that Africa's largest economy was on a sustainable fiscal path and on track to attain a surplus by 2014/15. The Treasury has cut its growth forecast for 2012 to 2.7 percent from earlier forecasts of 3.4 percent, but sees a steady rise to 4.2 percent by 2014. ...

Asian markets mostly rose on Friday after a strong rally on Wall Street while dealers absorbed data showing China's economy grew at its slowest pace in almost three years in the first quarter.