Following growth of 3.1 per cent in 2013, the world economy will grow by 3.3 per cent in 2014 and 3.5 per cent in 2015.

The pace of recovery remains slow and uneven; much of the Euro Area in particular remains very depressed, and the policy response has so far been too little, too late.

Key risks include the normalisation of monetary policy in the US, and the associated financial market turbulence; and worsening deflationary pressures in the Euro Area exacerbated by policy gridlock.