
Advanced economies are generally benefiting from lower oil prices. Growth in the United States is projected to exceed 3 percent in 2015–16, but in later years IMF foresees slowdown in US growth to 2% in 2019-2020. Growth in the euro area, after weak second and third quarters of 2014, is showing signs of picking up, supported by lower oil prices, lower interest rates and a weaker currency. After a disappointing 2014, Japan growth is also projected to pick up, sustained by a weaker yen and lower oil prices.
Growth perspectives for China are revised down for the 5 year period from 2015 to 2019, however China remains one of the fastest growing economies among G-20 countries. According to IMF, in 2014 China for the first time in history became the world's largest economy by GDP, based on purchasing power parities, although in terms of nominal US Dollar GDP Chinese economy is still smaller than EU and US and will remain smaller at least until 2020.
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