Short-term prospects for the world economy have continued to improve, according to the World Economic Situation and Prospects as of mid-2018. World gross product is expected to expand by 3.2 per cent in both 2018 and 2019, marking an upward revision from forecasts released in December 2017. The recent improvement reflects a further uptick in the growth outlook for developed economies in 2018, on the strength of accelerating wage growth, broadly favourable investment conditions, and the short-term impact of a fiscal stimulus package in the United States. Higher levels of energy and metal prices are also supporting a gradual recovery in many commodity-exporting countries. However, the improvement in economic growth has been accompanied by an increase in downside risks, including a rise in the probability of trade conflicts between major economies; increased uncertainty regarding the pace of monetary policy adjustment in developed economies; high and increasing levels of debt; and greater geopolitical tensions.

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