Reasons to be cheerful about the economic outlook appeared numerous at the start of this year.
Prospects for global growth were stronger and at the same time fears about a full meltdown in the euro zone were receding.
Rising oil prices and a rebound in stocks - both locally and globally - added to upbeat sentiment in the region. Subsequent choppiness in equity markers and fresh twists in the euro-zone crisis have replaced some of the optimism with caution in recent days.
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