EUROFRAME Report Winter 2014/2015
World GDP, having passed the trough in 2013, grew 3.3 per cent in 2014. In 2015 and 2016 GDP growth is expected to accelerate to 3.7 per cent and 3.8 per cent respectively. Moderate growth is expected for both emerging and advanced economies for this year and next, the US and the UK being positive exceptions. Currency depreciation against the US dollar and the low level of the price of crude oil will help to gradually strengthen the economic recovery in the Euro Area. GDP is projected to grow by 1.5 and 1.9 per cent in 2015 and 2016, respectively. In a box focusing on the economic impact of lower oil prices it is argued that permanently lower oil prices could raise growth in the advanced economies substantially, by as much as 1 percentage point, whereas in the case of only temporarily reduced oil prices the impact on growth would be much less significant.
The report can be downloaded here (PDF).