As well as the intensification of the Greek crisis the last month has seen a sudden and severe sell-off in China's stock market, with the Shanghai Composite dropping a dramatic 32% in just 17 trading days from mid-June. Both developments have justifiably raised concerns of contagion across the wider global economy. Against this background the IMF released its third World Economic Outlook of 2015 earlier this month. In contrast to much of the commentary on recent events in Europe and China, the IMF strikes a comparatively calm note, adjusting its world GDP growth forecast for 2015 to 3.3% from its earlier projection of 3.5%. If realised, this would represent a slight slowing from the rate of expansion seen last year. For next year, the IMF has kept its projection of 3.8% in place.
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