Global Growth
• The IMF predicts global GDP at 3.3% in 2015, marginally lower than in 2014
• Americas - mostly in North America, has resulted in a small downward revision to global growth for 2015.
• Europe - more neutral fiscal policy in the euro area
• Middle East - shift away from Egypt, Syria and Lebanon towards the Gulf markets
• Africa - business tourism plus decreasing incomes
• Asia - remains the leading global region for economic growth
• India - travel and tourism is rebounding
• A slowdown in emerging market and developing economies
The distribution of risks to global economic activity is still tilted to the downside. Lower commodity prices also pose risks to the outlook in low-income developing economies after many years of strong growth.