...Uneven Economic Recovery Challenging: Fitch Ratings forecasts world GDP growth of 2.9% in 2015, up from 2.5% in 2014 ¡ both lower by 0.2pp compared with projections six months ago, reflecting weakening emerging markets (EMs) and disinflationary tendencies in the eurozone. Global growth will be driven by a buoyant US economy, offsetting weaker growth in the eurozone, Japan and many large EMs, including Brazil, China and Russia. Divergent Monetary Policies: More than seven years since the start of the financial crisis, the world economy is still supported by monetary stimulus. With policy easing in Japan and the eurozone but tightening in the US, the differences in stance set the stage for heightened market volatility. Together with the stronger US dollar, this poses a challenge to many EM issuers' external funding. Cheaper Oil Net Positive: We expect a net positive impact on global growth as the propensity to consume is higher for net oil importing countries. However, lower oil prices are...
