A further deceleration of activity in key emerging and developing economies overshadowed a modest recovery in major high-income countries in 2015. This deceleration was accompanied by further declines in commodity prices, subdued global trade, bouts of financial market volatility, and weakening capital flows. Global growth continued to disappoint, and is now estimated at a slower- than-expected 2.4 percent in 2015, 0.4 percentage point below June 2015 Global Economic Prospects projections.