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Recession Recoveries In Russia, Brazil Help Lift World Growth To Six-Year High

Rising oil prices have helped fuel Russia's recovery from recession

World economic growth rose this year to 3 percent, the strongest rate since 2011, aided by recoveries from recession in Russia, Brazil, Argentina, and NIgeria, the United Nations has estimated.

In its annual report on global growth on December 11, the UN said growth overall continued by be driven by strong momentum in China and other Asian countries, but the cyclical improvement in Russia and other major developing economies that had been in recession accounted for about one-third of the improvement.

Liu Zhenim, the UN's undersecretary-general for economic and social affairs, called the rise in growth "a welcome sign of a healthier economy."

But he warned that growth "may come at an environmental cost," in particular, a rise in greenhouse gas emissions that had been flat for several years because of the sluggish global economy.

Russia's oil-driven economy has been aided by a rise in global oil prices, which had collapsed in 2014. On December 11, the price of Brent premium crude rose to over $65 a barrel in London trading, the highest level since June 2015.

"Developing economies remain the main drivers of global growth," the UN report said. "In 2017, east and south Asia accounted for nearly half of global growth, as both regions continue to expand at a rapid pace."

"The Chinese economy alone contributed about one-third of global growth during the year," it said.

With reporting by AFP
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