WORLD economic activity picked up in the second half of 2013 and continued to expand into the first quarter of 2014; it can be expected to improve further in 2014-15.
This assessment is contained in IMF’s (International Monetary Fund) April 2014 update: “World Economic Outlook,” which rolled back marginally from its January 2014 forecast when it was a bit more optimistic before the Ukraine crisis (which started with widespread anti-government revolt, culminating in Russia’s annexation of Crimea in March). This has exacerbated Russia’s sharp economic downturn (following sanctions by US and Europe), while IMF worries about contagion beyond Europe.
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