Global economic growth is likely to improve in 2016 compared to 2015's lacklustre outcome. The slow recovery in the United States and Europe is likely to continue. However, weakness in China as well as several large emerging markets, and sluggishness of world trade, mean that risks are weighted on the downside of this forecast. Morocco, which is reliant on European markets, is a heavy importer of oil, and whose currency has devalued in effective terms, should find the external environment more supportive than in past years, but the required adjustment in this fiscal balance will hold it back.