Firmer global growth likely in 2016, despite past 5 years downward revisions

The global growth forecasts were brought down in 2015, similar to last four years. The headline global growth forecast for the world's largest economies declined 1% during 2015, on a consensus, as per the data from Bloomberg.

Largest Emerging market economies GDP forecasts saw nearly 140bps revision. There were downward revisions of -385bp for Brazil, -215bp for Russia and -10bp for China.

"We expect slightly firmer global growth in 2016 as US and Euro area growth continue to recover. Moreover, despite continued rebalancing in China, headline growth in Russia, Brazil and India may also improve", says RBC Capital Markets in a research note.