Global GDP growth was sluggish in the first three months of 2015, remaining at 2.7% year on year for a second consecutive quarter. Growth in the world economy has become increasingly reliant on just three countries: China, the United States and India were responsible for nearly 80% of global growth in the first three months of the year. The euro area’s slow recovery has continued; the 19-country bloc experienced 1.1% year-on-year growth in the first quarter of 2015 compared with 0.9% in the previous quarter. Leaving aside China and India, emerging markets struggled in the first quarter. They contributed less than 13% of global growth, the smallest proportion since late 2009.