16Q2 Revisions were mostly modest. With consumption firm and the inventory correction over, prospects are good for 16Q3 & beyond.

This report explores what major developments are likely to occur in 2015.

The recent trend of strong growth in the US and weakness in Europe and Japan persisted during the third quarter.

Energy policy and market dynamics have provided a tailwind to US growth while serving as headwinds to growth in Europe and Japan

Household consumption and government spending have dragged down this recovery even though business capital spending has been surprisingly strong.

Infrastructure investment will continue to be a growth sector in the coming decades, with the private sector playing a larger role

This recovery has been marked by its poor quality of job creation which has held down wages and growth compared to previous recoveries.

Growth will rebound in China after the first quarter despite housing market weakness.

The recent evolution of the US labor force could result in a lower consumption growth environment if certain trends are not reversed.

The US and UK are winding down unconventional monetary policies as Japan is set to ramp up such policies during the years ahead.

China's rise is forcing advanced and developing economies to reconsider their economic and geopolitical orientations.

Fourteen predictions for developments in the global economy during 2014 that are not adequately priced into the marketplace.