Global growth is projected to pick upto 3.4 percent in 2015 and 3.5 percent in 2016, propelled byhighincome countries. Developing country growth will benefitfrom these tailwinds, with growth projected to increase from4.8 percent in 2014 to 5.5 percent in 2016 broadly in linewith potential. Global growth projections for 2014, however,have been marked down from 3.2 percent to 2.8 percent onaccount of the bumpy start this year, buffeted by poorweather in the United States, financial market turbulenceand the conflict in Ukraine. The outlook for the East Asiaand the Pacific region continues to reflect severalcounterbalancing factors, including domestic policyadjustment, volatile financing conditions, political crisisin Thailand, and sustained recovery in global demand forexports. Regional GDP growth is expected to slow downslightly to 7.0 percent by 2016, about 2 percentage pointsslower than the pre-crisis boom years but broadly in linewith potential. Regional risks include volatility andeventual tightening of global financing conditions, possiblesetbacks in China s restructuring and a weaker contributionfrom net exports than assumed in the baseline. Potentialescalation of regional political tensions presentsadditional risk to the outlook.
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