Recent Development and Prospects of WEO April 2015 Chapter 1

Description

Global growth in 2014 was a modest 3.4 percent, reflecting a pickup in growth in advanced economies relative to the previous year and a slowdown in emerging market and developing economies. Complex forces that affected global activity in 2014 are still shaping the outlook: medium- and long-term trends, global shocks, and many country- or region-specific factors. Growth is projected to be stronger in 2015 relative to 2014 in advanced economies, but weaker in emerging markets, reflecting more subdued prospects for some large emerging market economies and oil exporters. The chapter discusses recent developments in and prospects for the world economy, explores potential risks (both downside and upside), and makes policy recommendations. A special feature looks at developments in commodity markets, focusing specifically on investment in an era of low oil prices.