Worldwide economic conditions have improved slightly, though a number of uncertainties continue to weigh on the outlook. Prospects for the United States will depend on the economic policies enacted by the new administration, which have yet to be worked out in detail. The fiscal policy measures announced could have an expansionary effect, which is difficult to quantify at present, while the imposition and spread of restrictions on trade could have a negative impact. Global growth could be held back by any turbulence in the emerging economies associated with the normalization of US monetary policy. [...]