An economist says the global recovery is "fragile and messy" and expects markets to remain volatile for the next few months.
AMP chief economist Shane Oliver says share markets around the world have fallen in recent months as natural disasters, surging oil prices, the European debt crisis, and Japanese supply chain disruptions weighed on investor sentiment.
Dr Oliver says the recovery is continuing, but as is often the case after a financial crisis it is fragile and there will be occasional scares.
He says with stronger than expected economic indicators and commodity prices remaining high, the New Zealand dollar has risen in contrast to the more nervous stance of markets internationally.
