The global economy can look forward to better times later this year, according the latest report from a local bank.
Northern Bank's Global Scenarios said the world's economy will improve in 2012 despite the ongoing European debt crisis, which it expects to be short lived.
"The recession in the euro area should be short, the US economy is showing signs of recovery and China is picking up speed," it said.
Chief economist Angela McGowan said that some of these headwinds which derailed the global economy in 2011 could in fact become tailwinds to drive growth in the year ahead.
"Although the global economy is far from being a bright place at the moment, current fears of a global recession are probably excessive," she said. "There has been a continued economic rebound in the US and the conditions for emerging market growth have improved significantly.
"Without doubt the euro crisis is going to be with us for a long time and we will see bouts of financial turmoil. However, our central forecast remains that the recession in Europe will be short-lived."