01/01/2015 - Economic & financial outlook Summary 2015

While global growth in 2014 was mainly driven by the US economy, we believe there will be several decisive factors driving growth in 2015: the fall in the oil price, diverging monetary policies and the impact on currencies. The return of political risk will also be a factor to watch closely in the Eurozone. Against this backdrop, global growth should speed up in 2015 particularly in developed countries. The consequences in emerging markets will vary by country. .