Macroeconomic Analysis

??Central banks in developed and emerging economies ease monetary policy Agreement reached to extend Greece's bailout programme through June Inflation pressures increasing in CIS economies, while easing in many other emerging economies

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Global economic growth is forecast to increase marginally over the next two years at 3.1 per cent in 2015 and 3.3 per cent in 2016, compared with an estimated growth of 2.6 per cent for 2014. An expected US interest rate increase, remaining euro area

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Moderate global economic expansion in 2014, as post-crisis adjustments continued In 2015, developed economies to be led by a stronger U.S. economy, while downside risks remain significant in Japan and the euro area Developing economies to be led by East Asia, while several large emerging economies face internal and external challenges

Download the World Economic Situation and Prospects Monthly Briefing No. 73 December 2014 Summary ?? Further appreciation of the U.S. dollar Japan registers technical recession during the third quarter Lower

Sharp decline of oil prices and renewed volatility in financial markets Low inflation in Europe remains a concern Diverging monetary policies in developed economies

Sharp appreciation of the U.S. dollar Western European economy continues to struggle Ebola takes severe tolls in West Africa

Russian Federation and European Union economies affected by reciprocal economic sanctions U.S. labour market situation presents challenge to setting monetary policy Brazil falls into recession, while India expands faster than expected