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With GDP growing at nearly 3 percent, the global economy seems resilient. The economic outlook appears less gloomy than was feared eighteen months ago—the negative factors have turned out to be less virulent than expected. This pattern is expected to continue in 2017 and 2018 as a result of monetary policies that will continue to boost economic activity, as well as somewhat scaled-down fiscal efforts. While oil prices have recently risen, they are not expected to soar, limiting their negative impact. The rise in inflation should even decrease the deflationary risk that has been hovering over the eurozone. However, the output gap should remain in negative territory in most countries, indicating difficulties in establishing a path to recovery capable of bringing down unemployment and reducing underemployment. JEL: F01.