  The paper analyzes the current state of the world economy and offers a
short-term forecast of its development. Our analysis of log-periodic
oscillations in the DJIA dynamics suggests that in the second half of 2017 the
United States and other more developed countries could experience a new
recession, due to the third phase of the global financial crisis. The economies
of developing countries will continue their slowdown due to lower prices of raw
commodities and the increased pressure of dollar debt load. The bottom of the
slowdown in global economic growth is likely to be achieved in 2017-2018. Then
we expect the start of a new acceleration of global economic growth at the
upswing phase of the 6th Kondratieff cycle (2018-2050). A speedy and steady
withdrawal from the third phase of the global financial crisis requires
cooperative action between developed and developing countries within G20 to
stimulate global demand, world trade and a fair solution of the debt problem of
developing countries.
