This document discusses recent economic trends and the near-term economic outlook. It notes that preliminary projections show a pickup in global growth being driven by OECD economies. While new order data shows divergent trends between advanced and emerging economies, with growth rates of investment and world trade improving recently in advanced economies. It also discusses labour market slack shrinking and risks of deflation in the euro area. The document analyzes credit growth and financial vulnerabilities in some emerging markets, and argues for accommodative monetary policy, especially in the euro area. It notes progress on fiscal consolidation but further efforts are still needed. The document concludes that accelerated structural reform could boost long-term growth.