Gradually Better Outlook for Global Growth

World economic growth is expected to strengthen gradually over the coming two years. World output is expected to rise by 3.7 and 3.9 percent in 2015 and 2016, respectively, following an increase of 3.4 percent in the current year. Growth is projected to accelerate predominantly in the advanced economies which as a result of progress in deleveraging of the private sector are expected to become more and more responsive to the stimulus from monetary policy and the support from lower oil prices. Emerging economies should benefit from stronger demand in the advanced economies, but structural problems in the domestic economies will prevent a return to high rates of expansion for the time being.