Global growth in 2015 was driven by the advanced economies and in particular by the sustained recoveries in the United States and United Kingdom. The US experienced higherthan-expected growth in the third quarter, which, together with robust domestic private demand and job creation, allowed the Fed last month to finally embark on its much anticipated lift-off as part of policy normalisation.
(business cycle correlations)  0.1 0  1997- 1998- 1999- 2000- 2001- 2002- 2003- 2004- 20052000 2001 2002 2003 2004 2005 2006 2007 2008 Notes to Figure 3: •  The rolling business cycle correlations are constructed by calculating the pairwise correlation coefficients between all euro area countries for the various 4-year periods (1997-2000, 1998-2001, etc).