The stock market has discounted the slowing economic situation, but it remains to be seen whether it has been too pessimistic, Stephen Wood from Russell Investments told CNBC. Stephen Gallo from Schneider Foreign Exchange joined the discussion.

"This night, Ukrainians unilaterally shut down three pipelines through which Russian gas went to Europe," Alexander Medvedev, deputy chief executive of Gazprom, told CNBC Tuesday. He also accused Ukraine of stealing gas.

As global inflation eases, Stephen Gallo from Schneider Foreign Exchange remains worried about the dollar for 2009 and 2010. He also sees global export-growth being over. "The United States driving world growth through imports is over," Gallo added.

"This night, Ukrainians unilaterally shut down three pipelines through which Russian gas went to Europe," Alexander Medvedev, deputy chief executive of Gazprom, told CNBC Tuesday. He also accused Ukraine of stealing gas.

Iceland was the biggest emerging market causality of 2008, but could another country run into similar problems in 2009? Arnab Das from Dresdner Kleinwort considers the outlook.

The private equity industry has been through a tough year in 2008 as the availability of credit has all but dried up. Patrick Dunne, director of 3i, spoke to CNBC about the outlook.