The global economic recovery may be threatened by an array of "powerful shocks" including Japan's record earthquake and Europe's sovereign debt crisis, said Stephen Roach, nonexecutive chairman of Morgan Stanley Asia.
The impact of Japan's magnitude-9 earthquake, together with the euro-region's funding problems, turmoil in the Middle East, and a jump in oil prices are "worrisome" as the global economy's rebound from the recession of 2008 and 2009 remains weak, Roach said at a conference in Beijing yesterday. "When you have a weak recovery, you don't have a cushion that allows you to be able to withstand shocks," Roach said. "Right now we have a lot of shocks."
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