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Table 9 World Economic Outlook and Growth Projections
2014 2015* 2016* 2017*

World 3.4 3.1 3.2 3.5
Advanced Economies 1.8 1.9 1.9 2.0

United States 2.4 2.4 2.4 2.5
Germany 1.6 1.5 1.5 1.6

Euro Area 0.9 1.6 1.5 1.6
Emerging Economies 4.6 4.0 4.1 4.6
and Developing Russia 0.7 –3.7 –1.1 1.3
Economies
China 7.3 6.9 6.5 6.2
India 7.2 7.3 7.5 7.5

Brazil 0.1 –3.8 –3.8 0
South Africa 1.5 1.3 0.0 1.0

Nigeria 6.3 2.7 2.3 3.5

Source: IMF, SARB * Forecasts

Global growth, which was estimated at 3.1% in 2015, is projected to increase by 0.1
percentage points to 3.2% in 2016. The main source of growth is from emerging markets
and developing economies, which are projected to grow by 4.1% in 2016 – a slight
increase from the estimated 4.0% growth in 2015.

The trend graph below shows projected economic growth rates in advanced emerging
and developing economies:

Figure 37 World Economic Outlook

Source: IMF, World Economic Outlook update, January 2016

76 QUARTERLY ECONOMIC BULLETIN 2016