Key forecasts 5
Monetary & fiscal policy
assumptions 6
The Great Rotation 8
Out with the old… 8
Emerging market setbacks 9
The China twist 10
Angola better than UK 12
Health warning 12
Old world problems 13
What shareholders want? 15
Back to the new world 16
The China century 17
Global economic forecasts 19
GDP 20
Consumer prices 22
Short rates 24
Long rates 25
Exchange rates vs USD 26
Exchange rate vs EUR & GBP 27
Consumer spending 28
Investment spending 29
Exports 30
Industrial production 31
Wage growth 32
Budget balance 33
Current account 34
Country and Territory sections
US 36
Canada 38
China 39
Japan 41
India 43
Hong Kong 45
Indonesia 46
Malaysia 47
Philippines 48
Singapore 49
South Korea 50
Taiwan 51
Thailand 52
Vietnam 53
Australia 54
New Zealand 55
Eurozone 56
Germany 58
France 60
Italy 62
Spain 64
UK 66
Norway 68
Sweden 69
Switzerland 70
Czech Republic 71
Hungary 72
Poland 73
Russia 75
Turkey 77
Romania 79
Egypt 80
Israel 81
Saudi Arabia 82
UAE 83
South Africa 84
Mexico 85
Brazil 86
Argentina 88
Chile 89
Disclosure appendix 91
Disclaimer 92