The global economy is expected to grow by a full 3% annually in 2017–2018, i.e. only slightly faster than in 2016. World trade growth will remain slow relative to GDP growth, as in recent years.
In spite of an accommodative monetary policy and a general economic recovery, growth of loans to non-financing corporations has remained weak in the euro area. The consistently poor growth is largely due to real estate market bubbles in a few countries, which then burst as a result of the financial crisis.