Global economic growth is set to gain only little momentum over the medium term. The US economy should expand at a solid pace, driven by buoyant domestic demand and an increasing labour force. Activity in the euro area will be more subdued, as the institutional shortcomings of Monetary Union undermine business confidence and the active population broadly stagnates. The UK exit from the EU will primarily affect the British economy itself, and to a lesser extent its trading partners. The growth momentum of the emerging markets keeps slackening further. Demand and output in China are slowing down, while Russia and Brazil recover only gradually from the current crisis, given the low raw material prices.