Stagnant global trade, subdued
investment, and heightened policy uncertainty marked another difficult year for
the world economy. A moderate recovery is expected for 2017, with receding
obstacles to activity in commodity exporters and solid domestic demand in
commodity importers. Weak investment is weighing on medium-term prospects
across many emerging markets and developing economies (EMDEs). Although fiscal
stimulus in major economies, if implemented, may boost global growth above
expectations, risks to growth forecasts remain tilted to the downside.
Important downside risks stem from heightened policy uncertainty in major
economies.
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