Macro Environment

Continued Growth

The world economy is projected to continue at a moderate 2.7% growth rate in 2017, reflecting a subdued outlook for the largest economies, still weak (although rebounding) commodity prices and political instability. The pace of world economic activity will remain moderate in the next few years.

Global GDP

Despite slower momentum, the underlying drivers for a gradual acceleration in economic activity remain intact worldwide. Global GDP growth should pick up and continue to strengthen over the long run. The projections, however, are subject to sizable uncertainty and downside risks.

Worldwide GDP by Country

Uncertainty and Stability

The economic projection, however, varies significantly from region to region. GDP performance has been unevenly distributed across countries. Much uncertainty faces the world economy in the coming years. Political instability, populism, terrorism and banking sector fragilities all present significant headwinds. However, the fundamentals remain in place to support accelerating growth.

Improvements, Recoveries and Continuations

Economic momentum is in line with stronger domestic demand growth in the United States and Europe and improvements in economic conditions in a number of distressed economies. Chinese GDP growth continues to slow as the economy has been increasingly sustained by consumption and services rather than industry, while India will remain one of the fastest growing G20 economies. Russia and Brazil are expected to recover from their weak environment by the end of the decade.

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