The global economic outlook is “sunny,” according to chief economist with Berenberg Bank Dr Holger Schmieding, who says the major markets of China, the US and the Eurozone are rebounding after a difficult year.

“The situation is not bad,” Dr Schmieding said. “We are in a global economic rebound.”

The economist forecast growth of around 3 per cent in 2014 for the US, where household debt is becoming more manageable.

“There is solid economic momentum [in the US], ” he said, delivering a presentation at the Society of Trust and Estate Practitioners (STEP) Caribbean Conference yesterday.

Also enjoying an upswing is the Eurozone, which is over the worst of the recent Greece-led debt crisis, according to the economist.

“The crisis in the Eurozone is over. The worst of the pain is beyond the region and the outlook is going to get better,” he said.

In China, gross domestic product growth continues to be driven mainly by investment. While there has been a slight slowdown in the levels of investment, Schmieding said the trend was still positive and China’s economy would continuing growing into the next year.

While predicting stable growth in the global economy for the short term, the economist also warned of possible upheaval from political events, such as hostilities between Russia and the Ukraine and the possible separation of Scotland from the rest of the UK when that country has a referendum in September.

The STEP conference took place this week at Atlantis Paradise Island with the theme: Exploring the Possibilities. Speakers included Prime Minister Perry Christie and Minister of Financial Services Ryan Pinder.

cmorris@dupuch.com