Macroeconomic Analysis

Policy space in many developing countries constrained by El Ni?o Further improvement in labour market conditions in Europe and the United States Monetary stance eases in the CIS but tightens in Africa

Is the zero lower bound no longer a hard constraint? EU-wide strategy to address refugee crisis remains elusive Drought leads to a spike in food prices in Africa and Latin America

Commodity price rout dampens regional growth prospects China emphasized the need to improve productivity through policies on the supply side of the economy Bank of Japan adopts a negative interest rate

The report projects a modest improvement for the world economy in 2016/17 as a number of cyclical and structural headwinds persist. Global growth is estimated at a mere 2.4 per cent in 2015 and is forecast to grow by 2.9 per cent in 2016 and 3.2 per cent in 2017.

Limited global financial market reaction to Fed's interest rate move IMF includes Chinese renminbi in the SDR basket Monetary tightening in Western Asia and Latin America in response to Fed's first rate hike in seven years

According to chapter one of the World Economic Situation and Prospects 2016, only a modest improvement in the world economy is projected for the next two years Recessions in the Russian Federation and Ukraine may have reached a turning point Unemployment on the rise in a number of South American economies

Global issues Decline in capital inflows to emerging markets gains pace Capital inflows to emerging economies continued a gradual but steady decline, amid domestic weaknesses and less favourable exter

? The United States of America avoids a fiscal stand-off ? Emerging economies brace for net capital outflows for the first time in many years ? Third quarter growth in China beats expe

Global trade flows drops in value terms amid persistently weak commodity prices and stronger US dollar Budget cuts and increasing fiscal strains in many commodity-exporting developing countries