OECD Economic Outlook, Volume 2015 Issue 1
The economic recovery from the global financial and economic crisis that broke out in 2008 has been unusually weak. Global growth has consistently been slower than the average pace during the dozen or so years before the global financial crisis. The failure to achieve a stronger cyclical upswing has had very real costs in terms of foregone employment, stagnant living standards in advanced economies, less vigorous development in some emerging economies, and rising inequality nearly everywhere. In this Economic Outlook we project that global growth will strengthen gradually to approach its past average pace by late 2016. Growth is expected to be shared more evenly across regions of the world, with external imbalances generally smaller than they were in the run-up to the global crisis. Labour markets are gradually healing in the advanced economies. Risks of deflation have receded.Yet, we give the global economy only the barely passing grade of B-.