Cover -- Contents -- Foreword -- Acknowledgments -- Abbreviations -- Chapter 1 Global Outlook: The Global Economy in Transition -- Summary and Key Messages -- Recent Developments and Outlook in Major Economies -- Global Trends and Spillovers -- Recent Developments and Outlook in Developing Countries -- Risks to the Outlook -- Policy Challenges -- References -- Boxes -- 1.1 Negative Interest Rates in Europe: A Glance at Their Causes and Implications -- 1.2 Low Oil Prices in Perspective -- 1.3 Recent Developments in Emerging and Developing Country Labor Markets -- Special Feature 1 Hoping for the Best, Preparing for the Worst: Risks around U.S. Rate Liftoff and Policy Options -- Introduction -- How Have Growth Prospects and Policies in Advanced Countries Changed since the Taper Tantrum? -- What Are the Major Risks around the Liftoff? -- What Are Possible Implications of the Liftoff for Emerging Markets? -- What Are the Major Lessons for Emerging Markets from the Taper Tantrum? -- How Have Growth Prospects and Vulnerabilities in Emerging Markets Changed since the Taper Tantrum? -- What Policy Options Are Available to Prepare for Risks around Liftoff? -- Conclusion -- References -- Boxes -- SF1.1 Econometric Analysis of U.S. Yields and Spillovers -- Special Feature 2 After the Commodities Boom: What Next for Low-Income Countries? -- A. Implications of the Recent Decline in Commodity Prices for Commodity Exporting, Low-Income Countries -- B. Recent Developments and Near-Term Outlook in Low-Income Countries -- References -- Chapter 2 Regional Outlooks -- East Asia and Pacific -- Recent Developments -- Outlook -- Risks -- Policy Challenges -- Europe and Central Asia -- Recent Developments -- Outlook -- Risks -- Policy Challenges -- Latin America and the Caribbean -- Recent Developments -- Outlook -- Risks -- Policy Challenges. Middle East and North Africa -- Recent Developments -- Outlook -- Risks -- Policy Challenges -- South Asia -- Recent Developments -- Outlook -- Risks and Policy Challenges -- Sub-Saharan Africa -- Recent Developments -- Outlook -- Risks -- Policy Challenges -- Boxes -- 2.1 Linkages between China and Sub-Saharan Africa -- References -- Statistical Appendix 22.