recent trends in and outlook for the global and south african economies the chemicals value chain...
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3 Global economy: World growth decelerated in 2015 The global economy faced numerous headwinds in 2015, including macroeconomic uncertainties, lower commodity prices, currency and equity market volatility, slower growth in China, deflation risks, as well as uncertainty about US monetary policy tightening. Subdued global growth recorded in 2015 (slowest rate in post-crisis period) as growth in emerging markets moved to a lower gear, whereas advanced economies reported a very modest uptick in their expansion rates. Sub-Saharan Africa was one of the most affected regions, as growth slowed to 3.5% in 2015, from 5% in This was largely due to adverse developments in commodity markets, but weaker domestic demand also played a role. Brazil and Russia faced deep recessions in 2015 and their growth outlooks remain dire for China’s economy continued on a decelerating growth path to its lowest expansion rate since Global growth prospects are set to remain unsatisfactory in 2016, with the World Economic Climate Indicator pointing to downside risks across various regions and countries.