In the April 2015 World Economic Outlook (WEO) IMF has revised down global growth forecasts compared to October 2014 estimates. According to IMF, the global growth is projected to be 3.45% in 2015, with uneven prospects across the main countries and regions. Relative to last year, the outlook for advanced economies is slightly improving, while the growth in emerging market and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries.
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.