International Chamber of Commerce-Bangladesh on Tuesday said that the global economic recovery had remained very fragile in the recent years and much weaker than that of recoveries that took place in the wake of previous economic crises. In the editorial of current ICC-B News Bulletin released on the day, it said the global economy was heading into 2015 with a better position since the beginning of global economic crisis in 2008.
Despite softening growth rates, experts consider that the Asia-Pacific region remains the leader for global growth and despite short-term headwinds from global economy, Southeast Asia will strengthen to global production base, according to the editorial.
According to the editorial, the United States and Britain are in the vanguard of strong recovery while the eurozone and Japan have all the hard work left to do to restore economic well-being.
International sanctions and collapsing oil prices are causing massive damage to the Russian economy.
The Russian economy will fall into a recession in 2015 and, if oil prices continue to fall, this recession could prove to be extremely severe, fueling geopolitical tensions inside Russia and along its borders, it said citing experts.
The overall Asia-Pacific region outlook for 2015 has been given a considerable boost by the sharp decline in world oil prices in the second half of 2014 as most of the Asian economies are large net importers of oil and gas.
However, Asia’s largest economies — China and Japan — will continue to face headwinds in 2015.
India was in an economic crisis during 2013, but now looks set to be one of the best emerging markets recovery stories for 2015 because of sharp decline in oil prices.
-With New Age input
