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World Economy Summer 2015 - Faltering recovery of the world economy

Salomon Fiedler, Klaus-Jürgen Gern, Philipp Hauber, Nils Jannsen, Stefan Kooths, Stefan Reitz (), Tim Schwarzmüller and Maik Wolters

No 7, Kiel Institute Economic Outlook from Kiel Institute for the World Economy (IfW)

Abstract: Following a weak start into 2015, the global economy is expected to pick up again in the course of this year. Average annual world output growth will nevertheless remain sluggish at 3.4 percent on a purchasing power parity weighted basis, before accelerating modestly to 3.8 percent next year. The improvement will be driven by stronger growth in the advanced economies where ultra-low interest rates and continued monetary expansion are expected to increasingly gain traction given that private sector deleveraging has gone a long way in a number of important economies. By contrast, we do not expect a significant acceleration of output growth for the emerging economies where structural impediments abound and lower commodity prices have reduced export revenues in many countries.

Keywords: Quantitative Easing; Greece; European Monetary Union; advanced economies; emerging economies; monetary policy; Japan; Russia; ASEAN (search for similar items in EconPapers)
Date: 2015
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