Forecast assumptions : Accelerating global growth raises price of oil

The global economy is still enjoying strong and broadly based growth. A growth spurt was seen in world trade in 2017, reflecting in part an upward correction from a lacklustre previous year. Consequently, the growth in world trade has accelerated past that of global GDP for the first time in several years. Many economies continue to support growth through accommodative financing conditions and stimulus measures. In the advanced economies, a return to conventional monetary policy has been delayed by persistently low inflation, although this does now appear to be accelerating somewhat.