Following growth of 3.1 per cent in 2013, the world economy is projected to expand by 3.6 per cent in 2014 and 3.9 per cent in 2015.

Growth prospects have improved in most advanced economies, with the exception of Japan, although much of the Euro Area remains very depressed.

Key risks include deflationary pressures in advanced economies, especially the Euro Area. Provided that it is contained, the impact of the Ukraine crisis on the global economy is likely to be small.