Global growth is expected to be 2.8 percent in 2015, lower than anticipated in January. Developing countries face a series of tough challenges in 2015, including the looming prospect of higher borrowing costs in a new era of low prices for oil and other key commodities. This will result in a fourth consecutive year of disappointing economic growth this year. The June edition presents a detailed outlook for the global economy and for each of the world’s developing regions.It also includes special features that analyze the policy challenges raised by the two transitions in developing countries: (i) The risks associated with the first U.S. central bank interest rate increase since 2006 and (ii) The implications of persistently low commodity prices for low-income countries.