Global growth likely to be around 3% in 2015 and 2016

The acceleration in the global growth appears unlikely, while global economy has high risks of slipping into recession. The US economy is seen re-accelerating back on a stable 2.5% path.

Driven mainly by private consumption and a moderate rise in investment, the Euro area is likely  to slowly gain speed to 1.5-1.8% in the coming quarters. EA's economy is more exposed to the weakness in EM demand, as reflected in weak industrial performance, particularly in Germany. 

"We forecast global growth just above 3% in both 2015 and 2016, but the outlook remains fragile, with risk from worse-case scenarios in China and EM economies. We do expect growth in advanced economies to pick up following the soft patch in Q3", says Barclays in a research note.

This appears to be balanced by modest appreciation of EU's domestic economy, as of late indicators signal relative resilience to challenges that are external.