| Global growth is likely to pick up in response to stronger growth in advanced economies. Euro-zone growth could improve because of (a) reduced pace of fiscal tightening and (b) stronger exports, but weak domestic demand and a fragile banking system could increase deflation risks that could force the European Central Bank (ECB) to turn further accommodative.
The US economy could grow above the trend over 2014-15, in response to the fading fiscal drag and improvement in private demand allowing the Fed to wind-down the third round of quantitative easing (QE3) by end-2014 and begin raising rates in 2015...............................................Full Article: Source
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