The world economy and global trade are experiencing a broad-based cyclical upswing. Since October 2017, global growth outcomes and the outlook for 2018-19 have improved across all regions, reinforced by the expected positive near-term spillovers from tax policy changes in the United States.
Asia is expected to grow by about 51/2 percent this year, accounting for nearly two-thirds of global growth, and the region remains the world's most dynamic by a considerable margin.
The region is seeing a modest growth uptick, but this is not uniform and the medium-term outlook remains subdued.
The upswing in global investment and trade continued in the second half of 2017. At 3.8 percent, global growth in 2017 was the fastest since 2011. With financial conditions still supportive, global growth is expected to tick up to a 3.9 percent rate in both 2018 and 2019.
The April 2018 Global Financial Stability Report (GFSR) finds that short-term risks to financial stability remain low and broadly unchanged in recent months. Medium-term risks continue to be elevated as financial vulnerabilities, which have built up during the years of accommodative policies, could make the road ahead bumpy and put growth at risk.
The April 2018 edition of Fiscal Monitor is focused on two broad themes: the burden of high global debt and the opportunities and challenges of digital government.