Step change

摘要

Recessions, like wars, accelerate change. The Great Recession heralds a new world order. The global economy is recovering, but advanced economies are struggling while emerging economies forge ahead, the IMF says in its latest World Economic Outlook (WEO). Oil demand growth is concentrated in developing countries, especially China. But, like the economy, oil demand in industrialised countries remains depressed and may never fully recover the losses suffered in the recession. "Historical evidence suggests that countries hit by financial crises typically suffer permanent output losses relative to pre-crisis trends," the WEO says.