Stock markets around the world have largely had a bullish start to the new year. But analysts say the economic situation in 2011 will be similar to that of 2010, with the U.S. and Europe still struggling, and emerging markets facing many risks.

U.S.: Optimistic yet uncertain

Looking at the economic outlook for the U.S., many institutions gave an optimistic yet prudent forecast, with growth of around 3 to 4 percent.

With many U.S. states facing severe debt, some analysts warn the national economy could face a double dip recession. And the government's stimulus package and monetary policies have only had limited impact. Insiders say the U.S. economy faces many uncertainties in 2011.

EU debt crisis hard going in 2011

Turning to Europe, where the harsh economic conditions of 2010 left many countries shattered. Greece and Ireland were forced to accept financial hand-outs, and Portugal and Spain could possibly become the next to succumb to the eurozone debt crisis.

A report released by the OECD forecasts European GDP growth for 2011 to remain at 2010 levels, around 1.7 percent. But the recovery process will be unbalanced, and the difficulty in shaking off the crisis is immense.

Emerging economies: Inflation risks

The strong performance of emerging markets was welcome relief to the global economy. Many experts predict that momentum will continue for a few more years.

The World Bank predicts over half of both demand and growth will come from developing countries in the next three years. But those bull markets are also experiencing increasing inflationary pressures.