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 and urbanization are driving domestic travel
• Asia - remains the leading global region for economic growth
• India - travel and tourism is rebounding
•A slowdown in emerging market and developing economies
In emerging market economies, the continued growth slowdown reflects several factors, including lower commodity prices and tighter external financial conditions, structural bottlenecks, rebalancing in China, and economic distress related to geopolitical factors. A rebound in activity in a number of distressed economies is expected to result in a pickup in growth in 2016.