Despite some moderation in growth momentum, global economic activity remains resilient, supported in particular by robust economic growth in emerging economies. Consumer price inflation eased in industrialised countries and cost inflationary pressures recently diminished. The recent rise in oil and commodity prices however signals a possible renewed increase in global inflationary pressures in the near term. Downside risks to the global economic outlook remain elevated. They relate mainly to the potential for a broader impact from the ongoing reappraisal of risk in financial markets, concerns about protectionist pressures and possible disorderly developments owing to global imbalances, as well as further oil and commodity price rises.....
