The tensions between Russia and Ukraine will not likely impact the global economy significantly, says a report from Standish Mellon Asset Management. Its ‘March Global Macro Views’ report says while it could potentially increase volatility, Ukraine’s nominal gross domestic product of $175 billion is a small part of the $73 trillion global economy. As well, Europe is reluctant to escalate the conflict with Russia so the macro-economic effect of the current conflict will likely be small. Its forecast for global GDP growth for 2014 remains at 3.5 per cent, with an increase to 3.7 per cent in 2015.
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