Sentiment about prospects for the world economy improved significantly in the late stages of 2016. Global growth remains below its long-run average pace, with recent monthly manufacturing survey (PMI) data suggesting that improved conditions in China’s economy has helped foster a sequential pickup in growth at the global level. The world’s major advanced economies remain on the recovery path which has been paved by accommodative monetary policy settings. Overall, the current picture suggests the world economy is set to begin 2017 on a relatively firm footing. The IMF has forecast that global output will expand 3.4% in 2017, unchanged from its prior forecast published in July. If the IMF forecast is realised, global growth is set to accelerate by 0.3% from an estimated pace of 3.1% in 2016.
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