Cover - Table of Contents-- Acronyms-- Acknowledgments -- Foreword""-- Executive Summary -- ""Chapter 1 Global Outlook: Disappointments, Divergences, and Expectations""-- ""Summary and Key Messages""-- ""Recent Developments and Outlook in Major Economies""-- ""Global Trends and Spillovers""-- ""Easy but Gradually Tightening Financial Conditions""-- ""Soft Commodity Prices""-- ""Weak Global Trade""-- ""Recent Developments and Outlook in Developing Countries""-- ""Recent Developments""-- ""Outlook""-- ""Regional Prospects""-- ""Risks""-- ""Financial Market Stress"" ""Stagnation in the Euro Area and Japan Disorderly Slowdown in China""-- ""Weak Potential Growth in Developing Economies- Geopolitical Tensions""-- ""Ebola Epidemic""-- ""Policy Challenges""-- ""Major Economies""-- ""Developing Countries""-- ""Special Focus: Low-Income Countries: Graduation, Recent Developments, and Prospects""-- ""Chapter 2 Regional Outlooks""-- ""East Asia and Pacific""-- ""Europe and Central Asia""-- ""Latin America and the Caribbean""-- ""Middle East and North Africa""-- ""South Asia""-- ""Sub-Saharan Africa"" ""Chapter 3 Having Space and Using It: Fiscal Policy Challenges in Developing Economies""""Introduction""-- ""How Has Fiscal Space Evolved?""-- ""Definition of Fiscal Space""-- ""Evolution of Space during the 2000s""-- ""Space and Policy during Contractions""-- ""Have Developing Economies Graduated from Procyclicality?""-- ""Does Greater Space Tend to Support More Effective Fiscal Outcomes?""-- ""Institutional Arrangements: How Can Fiscal Space Be Strengthened?""-- ""Fiscal Rules""-- ""Stabilization Funds""-- ""Medium-Term Expenditure Frameworks (MTEF)""-- ""Risks and Medium-Term Objectives"" ""Conclusions""""Annex 3A: Technical Information""-- ""Annex 3B: Statistical Information""-- ""Chapter 4 Three Topical Issues: Oil Price Developments, Global Trade Slowdown, and Stability of Remittances""-- ""Introduction""-- ""Understanding the Plunge in Oil Prices: Sources and Implications""-- ""How does the recent decline in oil prices compare with previous episodes?""-- ""What are the causes of the sharp drop?""-- ""What are the macroeconomic and financial implications?""-- ""What are the main policy implications?""-- ""Conclusion""-- ""What lies behind the global trade slowdown?"" ""A cyclical factor: Weak demand""""A structural factor: Changing relationship between trade and income""-- ""What explains the lower elasticity of trade?""-- ""Conclusion""-- ""Can Remittances Help Promote Consumption Stability?""-- ""Magnitude, Drivers and Cyclical Features""-- ""Behavior of Remittances during Sudden Stops""-- ""Promoting Consumption Stability""-- ""Conclusion""-- ""Statistical Appendix""-- ""Boxes""-- ""1.1 What does weak growth mean for poverty in the future?""-- ""1.2 Countercyclical monetary policy in emerging markets: Review and evidence""