As in previous years, global growth disappointed in 2014, but a lackluster recovery is underway, with increasingly divergent prospects in major economies and developing countries. Looking ahead, growth is expected to rise slowly, supported by continued recovery in high-income countries, low oil prices, and receding domestic headwinds in developing economies. However, continued weak global trade growth and gradually tightening financial conditions will constrain the recovery. Risks to the outlook remain tilted to the downside. In addition to discussing global and regional economic developments...

Global growth is expected to be 2.8 percent in 2015, but is expected to pick up to 3.2 percent in 2016-17. Growth in developing countries and some high-income countries is set to disappoint again this year. The prospect of rising borrowing costs will compound the challenges many developing countries are facing as they adapt to an era of low commodity prices. Risks to this outlook remain tilted to the downside. This edition of Global Economic Prospects includes two Special Features that analyze the policy challenges raised by the two transitions in developing countries: the risks associated...

Global activity is firming broadly as expected. Manufacturing and trade are picking up, confidence is improving, international financing conditions remain benign, and commodity prices are stabilizing. Growth in emerging market and developing economies (EMDEs) is set to recover, as obstacles to growth in commodity exporters diminish, while activity in commodity importers remains robust. Risks to the global outlook remain tilted to the downside. These include increased trade protectionism, elevated economic policy uncertainty, the possibility of financial market disruptions, and, over the...

Stagnant global trade, subdued investment, and heightened policy uncertainty marked another difficult year for the world economy. A moderate recovery is expected for 2017, with receding obstacles to activity in commodity-exporting emerging market and developing economies. Weak investment is weighing on medium-term prospects across many emerging market and developing economies. Although fiscal stimulus in major economies, if implemented, may boost global growth above expectations, risks to growth forecasts remain tilted to the downside. Important downside risks stem from heightened policy...