Great part of global crisis is behind: British analysts
Azerbaijan, Baku, Sept. 30 / Trend , A.Badalova/
A great part of the global financial and economic crisis is behind, believes analysts of the British Capital Economics company.
"World trade is picking up again, confirming that another aspect of the global financial and economic crisis is now behind us," Chief International Economist at the British Company, Julian Jessop told Trend .
Under the data of Bureau for Economic Policy Analysis, in July the volume of global trade increased 3.5 percent in July which is the biggest growth since December 2003. Under some expectations, the global trade decreased by 10 percent in 2009.
"The recovery in global trade is good news for export-led economies, such as Germany and most of Asia including China and Japan," Jessop said.
Despite the growth of the global trade, trade volumes are still well below pre-crisis levels, the analyst said. It could still take several years for world trade to return to the levels seen in 2008, he added.
Any further improvement in trade volumes will probably exaggerate the strength of the economic recovery, Jessop said.
Recovery of the world economy until recently has been predicted in the first half of 2010. But last week, the International Monetary Fund said that recovery can occur a quarter earlier (fourth quarter 2009 or first quarter of 2010). According to new forecasts of the Fund, the world economic growth next year will be three per cent against 2.5 per cent, predicted by them before.
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