Global macroeconomic prospects
I.1. Global growth prospects.......................................................................6
I.2. Employment trends............................................................................12
I.3. Inflation outlook ............................................................................16
I.4. International prices of primary commodities ........................................17
I.5. International trade flows..................................................................19
I.6. International capital inflows to emerging economies .............................20
I.7. Exchange rates ......................................................................22
I.8. Global imbalances ............................................................................24
II. Prospects by regions ...................................................................26
II.1. Developed economies ...............................................................26
II.2. Economies in transition.................................................................41
II.3. Developing economies ...............................................................46
III. Global risks and uncertainties..................................................63
III.1. Risks associated with the QE exit and the normalisation of interest rates by the Fed ....63
III.2. Remaining fragilities in the euro area ........................................64
III.3. Vulnerability in emerging-market economies .................................64
III.4. Geopolitical tensions and risks................................................67
IV. Policy challenges....................................................................68
IV.1. Fiscal policy stance..............................................................68
IV.2. Monetary policy stance ...........................................................70
IV.3. Challenges in managing the normalisation of monetary policy ........72
IV.4. Policy challenges for strengthening employment and improving working conditions....73
IV.5. Development in international trade policies...................................75
IV.6. International policy coordination...............................................75