ECONOMIC CONTExT World economy on the rise The growth of the world economy in 2017 was estimated at 3.7 %. Forecasts for 2018 and 2019 point to 3.9 % yearly. The pace of trade is likewise expected to be dynamic, according to the World Trade Organisation. Following the 4.7 % rise in 2017, it is estimated to move around 4.4 % and 4 % in 2018 and 2019, respectively. The factors underpinning the world economy’s expansion are essentially three. Firstly, the continuity of monetary policy; secondly, the recovery of the price of oil and other raw materials, which will favour exporting countries, without overly weakening the growth of importers. Finally, the expansionary cycle among emerging countries is expected to intensify. This trend got underway in late 2017 in countries such as Brazil and Russia, and more strongly in others, such as india and indonesia. China will continue to buck the trend; the economic downturn is expected to continue there in 2018 and 2019. WORLD GROWTH FORECAST 2017 3.7 % 2018 3.9 % 2019 3.9 %