“Global activity strengthened during the second-half of 2013 and is expected to improve further in 2014-15. A major impulse to global growth has come from the U.S., whose economy grew at 3.25% in the second-half of 2013, stronger than expected. In the stressed euro area economies, however, growth is projected to remain weak and fragile as high debt and financial fragmentation hold back domestic demand. In Japan, fiscal consolidation in 2014-15 is projected to result in some growth moderation. Growth in emerging market economies is projected to pick-up only modestly. These economies are adjusting to a more difficult external financial environment in which international investors are more sensitive to policy weakness and vulnerabilities given prospects for better growth and monetary policy normalisation in some advanced economies.” -IMF said in its latest edition of the World Economic Outlook.