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Despite the UAE’s overall diversification, the lower oil price is expected to take its toll on economic growth.

Tunisia’s economy is expected to grow moderately in 2015 and 2016, supported by increased demand from the eurozone.

Saudi Arabia’s GDP growth is expected to slow down to 3.0% in 2015 following a growth of 3.6% in 2014.

An expected rebound in agriculture will lead to higher GDP growth in 2015, forecast to increase 4.6%. Growth is also sustained by increasing exports, mainly to the eurozone.

In 2015, Kuwait's economic growth is expected to decrease to 1.7% due to the lower oil price and decreased oil production.

Concerns in 2014 over an impending crisis in Russia were overblown. But insolvencies have increased and specific industries are affected badly by the ongoing recession.

Despite its growing economy, Japan faces major demographic challenges. There is an urgent need to make the labour market more flexible to achieve a sustainable rebound and boost economic performance.

After three years of contraction, Italy’s economy is expected to grow by 0.6% in 2015.

The UK economy expanded by 2.6% in 2014, the fastest pace of growth since 2007. While consumer spending was the main driver, real fixed investments also increased.

While exports, industrial production and investments are expected to decrease year-on-year in 2015, private consumption is expected to rise 1.1% in 2015.

The Swedish economy is set to grow by 2.4 % in 2015, with industrial production rebounding after three years of decline. Household consumption and investment growth are expected to continue.

Spain’s real fixed investment and industrial production are expected to continue to grow and exports are also expected to accelerate in 2015.

The rebound of the Dutch economy is expected to accelerate in 2015, with export growth accompanied by a recovery in private consumption, industrial production and investment.

In 2015, Ireland’s economy is forecast to grow by 3.6%, backed by exports to the US and UK where demand is picking up. Private consumption is expected to increase further.

In contrast to previous years when exports provided the main contribution to German economic growth, household consumption is expected to become the key driver in 2015.

In 2015 the French economy is expected to grow 1.1% as private consumption, manufacturing and exports improve. However, this projected growth rate remains below the forecast eurozone average of 1.4%.

The Danish economy is expected to rebound further, with a 1.8% expansion forecast for 2015 as private consumption and investment growth accelerate and export growth continues.

Belgian economic growth accelerated to 1.0% in 2014 after two years of weak performance. This improvement is expected to continue in 2015, with 1.2% growth in GDP forecast.

After modest growth in 2013 (up 0.3%) and 2014 (up 0.4%) the Austrian economy is expected to see a modest 0.8% surge in 2015.

There are positive signs for the Turkish chemicals industry. In 2015, the chemicals sector is expected to grow driven by increasing demand and the positive effects of the lower oil prices.