growth somewhat, although the deprecation of the euro may limit import growth in the euro area. Japan’s exports are expected to grow moderately, partly owing to a weaker yen. Exports of the CIS have been heavily affected by geopolitical tensions in the region and the global oil market. Export volumes for the region are estimated to register close to zero growth for 2014 and are expected to rise only moderately over the forecast period. Import growth will fare worse, falling by 3.4 per cent in 2014 and rising only slightly over the forecast period. Growth of exports in developing countries is expected to increase from 3.9 per cent in 2014 to 4.6 per cent in 2015 and 5.5 per cent in 2016, while growth of imports will expand even more rapidly from 3.8 per cent in 2014 to 5.3 per cent in 2015 and 6.0 per cent in 2016.