Global activity strengthened during the second half of 2013,as anticipated in the October 2013 Worid Economic Outlook(WEO).Activity is expected to improve further in 2014-15,largely on account of recovery in the advanced economies.According to International Monetary Fund(IMF),global growth is now projected to be slightly higher in 2014,at around 3.7 percent,rising to 3.9 percent in 2015,a broadly unchanged outlook from the October 2013 WEO.But downward revisions to growth forecasts in some economies highlight continued fragilities,and downside risks remain.In advanced economies,output gaps generally remain large and,given the risks,the monetary policy stance should stay accommodative while fiscal consolidation continues.In many emerging
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