The International Monetary Fund warned on Tuesday that global growth is projected to decline from 3.4% in 2014 to 3.1% in 2015, and rise to 3.6% in 2016, reflecting in 2015 a further slowdown in emerging markets, partially offset by a modest pickup in activity in advanced economies — particularly in the Euro Area. This pickup, supported by the decline in oil prices and accommodative monetary policy, will modestly narrow output gaps.