The world economy is expanding at a more moderate pace with growth momentum continuing to shift from emerging to advanced economies. World GDP will increase by 3.3 per cent this year – even some-what less than the already modest growth in the recent past. For 2016 and 2017 we expect growth to pick up, although moderately, with global production expanding by 3.7 per cent. Advanced economies will gradually gain momentum over the forecast horizon. Emerging markets are set to overcome the currently weak and partly even recessionary performance but growth remains will remain low by histori-cal standards.