Combined with domestic concerns that I have outlined earlier, we do not anticipate robust economic growth or employment creation in the medium term. We hope we are wrong.
The drop in commodity prices, uncertainty in financial markets, volatile capital flows, subdued external demand and geopolitical influences, coupled with the refugee crisis, have been some of the major headwinds adversely impacting global economic developments. Unfortunately, these factors will continue to have a bearing on the economic outlook for both emerging market economies and the global economy as a whole.