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Elections in the world's two largest economies, heightened volatility in financial markets and a continent in crisis - 2012 has been an eventful year keeping the pundits busy making predictions about which way our world was headed.

While the bulls have made hugely optimistic forecasts, the bears have touted the worst-case scenarios. From the collapse of a global power to a surge in a stock price, several boom-to-bust observations have been made this year. We've come up with a list of nine such "expectations" for the year that have not quite gone according to plan.

Click ahead to learn the major predictions that never came to pass in 2012.

By Ansuya Harjani and Rajeshni Naidu-Ghelani

Garry Gay | Photographer's Choice | Getty Images