Initiatives and Achievements of the Department of Commerce, 2014 - 15

IMF in its World Economic Outlook (WEO) released in April 2015 has projected global growth for 2015 and 2016 to be at 3.5% and 3.8% respectively, a 0.1% increase for 2016 projection from the January 2015 WEO. As per IMF, world output growth remained at 3.4% for 2014. As per World Trade Organization’s (WTO) in its Press Release in April 2015, growth in the volume of world merchandise trade will pick up only slightly over the next two years, rising from 2.8% in 2014 to 3.3% in 2015 and eventually to 4.0% in 2016. WTO has marked down its projection for Global trade growth in comparison to earlier forecast made in September 2014, where it projected global trade to grow at the rate of 3.1% in 2014 and by 4.0% in 2015.