Global Economy gains slow recovery: ICCB

The growth in the developing countries is at its best, it is still slower than the pre-crisis period, according to a leading trade body. The global economic recovery, despite some hiccups, seems to have gained some steam, said an editorial of the current issue of the News Bulletin of International Chamber of Commerce-Bangladesh. A cautious attitude and ongoing aversion to risk mean that business confidence is tepid - especially in the EU. Experts think the prospects for a durable and sustained recovery hinge on whether national governments demonstrate their commitment to substantive structural reforms. Inflation remains tame worldwide, partly reflecting excess capacity, high unemployment, fiscal austerity and a continued financial de-leveraging in major developed economies. Among developing countries and economies in transition, inflation rates are above 10 per cent in only about a dozen economies scattered across different regions, particularly in South Asia and Africa, according to UNB.