2014 has been anything but dull. Rarely has any year featured as many watershed events, specifically those regarding the global economy. Oksana Teplinskaya explores the key stories of the year
The Islamic State of Iraq and the Levant, or IS, a terrorist organization held responsible for numerous abuses and war crimes, has been around since 1999. But only in 2014, when the group proclaimed a worldwide caliphate, did it garner much attention and media focus from all over the globe.
The year 2014 has seen a tremendous surge of Chinese outward investment in overseas real estate, making it clear that marketing to the Chinese investor continues to be a smart play for realty developers.
The global gas market has experienced a turnaround since the start of this century, when two newly-proven technologies – fracking and horizontal drilling – marked the beginning of what is now commonly referred to as the shale gas boom, or even revolution.
Trade has become an increasingly powerful and viable political tool. Case in point: the Transatlantic Trade and Investment Partnership or treaty, which is currently being negotiated in secret between the European Commission and the US Government.
The economic sanctions imposed on Russia by a number of Western nations have provided a brand spanking new notion of the year 2014. The ones introduced in March – in their first round – were the most wide-ranging sanctions levied against Russia since the fall of the Soviet Union in 1991.
The financial damage caused by the Ebola outbreak in West Africa, which has already killed around seven thousand people, is on track to set a record. According to the World Bank Group (WBG), the two-year regional financial impact could reach $32.6 bln by the end of next year.
The construction of any pipeline is often as much a political challenge as it is an engineering one. The South Stream gas pipeline, which was officially cancelled on December 1, 2014, had been both from the very beginning.
Western sanctions imposed on Russia in 2014 over the Ukraine crisis triggered a watershed event in the history of the Russian gas sector. The Russia-China gas contract was signed in May to open up new markets for Russian gas supplies in Asia.