World economy will grow by 3.7 per cent in 2014 and 2015; an improvement on the 3.1 per cent last year, but still a sluggish recovery by historical standards. Growth prospects have improved in advanced economies, particularly in the US, but have deteriorated in a number of emerging market economies....

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The economy will grow by 2.5 per cent in 2014 and 2.1 per cent in 2015. Unemployment will drop through the Bank of England's 7 per cent threshold early this year. CPI inflation will be marginally above target this year, dropping below target in 2015. On current plans the public sector finances...

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The production of this forecast is supported by the Institute's Corporate Members: Bank of England, HM Treasury, Mizuho Research Institute Ltd, Santander (UK) plc and by the members of the NiGEM users group.