Economy Watch


Overview


This chapter depicts trends in major economic variables among developed, emerging and African economies. Economic data are changing rapidly and economic forecasts are often proved wrong by unforeseen and unpredictable events. Yet, globalisation, involving interaction along supply chains, demands that business and policy decisions take into consideration developments in the global economic and business landscape.

Industrial policy formulation and the need for informed business decisions also justify a close watch on new challenges and opportunities from the global economic and business environment, through a constant scanning process of economic and business data.

Advanced economies look to be on a pathway for economic recovery, as evidenced by an expected growth rate of 2.4% in 2015, as compared to 1.8 % in 2014. Having resolved the deadlock over the Greece debt issue is also positive for future economic prospects in Europe. Economic buoyancy in the US is further set to trigger economic optimism in the world economy.

China and India, as standard bearers among developing economies, are expected to register growth rates of 6.8% and 7.5%, respectively, for 2015 against 7.4% and 7.2%, respectively, in 2014.


 

Highlights of World Economic Outlook projections by IMF