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Global growth is accelerating in both advanced and emerging economies. Monetary policy is still supporting growth. The possible effects of Brexit are reflected in a slowdown in UK growth, but they have had little impact on other economies, particularly in the euro area, where growth is now driven by domestic factors. All indicators are improving and will drive down the unemployment rate. However, for the moment, improving growth prospects have still not led to accelerated inflation. In addition, potential growth estimates suggest a slowdown in trend productivity. In the long run, nominal growth could be lower, which will slow down the reduction of those public and private debts, both internal and external, that have been inherited from the Great Recession. JEL code: F01.