Global Growth
• The IMF predicts global GDP at 3.3% in 2015, marginally lower than in 2014
• BRICs is expected to drive economic performance 2015-2017
• Americas - demand is likely to outpace supply
• Europe - arrivals and incoming receipts have started to pick up
• 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 setback to activity in the first quarter of 2015, mostly in North America, has resulted in a small downward revision to global growth for 2015 relative to the April 2015 World Economic Outlook (WEO). Nevertheless, the underlying drivers for a gradual acceleration in economic activity in advanced economies—easy financial conditions, more neutral fiscal policy in the euro area, lower fuel prices, and improving confidence and labor market conditions—remain intact.
Global growth is projected at 3.3 percent in 2015, marginally lower than in 2014, with a gradual pickup in advanced economies and a slowdown in emerging market and developing economies. In 2016, growth is expected to strengthen to 3.8 percent.