Global economic growth is expected to accelerate to 3.8% in 2015 from 3.3% in 2014, supported by loose monetary policies and low energy prices. The euro area economy is expected to remain anemic and fragile. The strengthening US recovery is reinforced by the waning negative effect of fiscal consolidation, improving financial conditions and a continuing recovery in the housing and labor markets. Main downside risks concentrate on a lengthened weak recovery in advanced economies, a sharp increase in US long interest rates and an escalation of geopolitical tensions.
