Moody's comments on the global economy that the protracted fall in oil and China slowdown mean weaker global growth, not recession.
According rhe agency:
The decline in oil prices and weaker growth in China have prompted a reappraisal of global economic growth prospects.
Market volatility has recently spread beyond the energy and commodity sectors, leading to a broad decline in global equity prices.
The agensy still expects growth in G-20 advanced countries' to be broadly stable at 1.8 percent for 2016 and 2.0 percent for 2017.
Positive effects of lower commodity prices to large extent will mitigate negative factors, such as weaker consumer, business confidence levels.
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