Table of Contents
Global economics overview 3
G-10 FX outlook 11
Exchange rate forecasts 12
FX tail risks and outlier views 13
G-10 fair-value exchange rates update 14
Emerging markets outlook 16
Fixed income outlook 17
Commodity markets outlook 18
Global 20
The Americas
United States 21
Canada 22
Argentina 23
Brazil 24
Chile 25
Colombia 26
Ecuador 27
Mexico 28
Peru 29
Venezuela 30
Asia/Pacific
Australia 31
New Zealand 32
Japan 33
China 34
Hong Kong 35
India 36
Indonesia 37
Malaysia 38
Philippines 39
Singapore 40
South Korea 41
Taiwan 42
Thailand 43
Western Europe
Euro area 44
Norway 45
Sweden 46
Switzerland 47
United Kingdom 48
Emerging Europe
Czech Republic 49
Hungary 50
Poland 51
Romania 52
Russia 53
Turkey 54
Africa
South Africa 55
Global forecasts
Real GDP
– quarter-on-quarter 56
– over year ago 57
Real GDP annual growth 58
Private consumption 59
Fixed investment 60
Global unemployment rates 61
Industrial production
– quarter-on-quarter, saar 62
– over year ago 63
Consumer prices 64
J.P. Morgan effective exchange rate indices 65
Basic economic statistics
International comparisons 66
Economic outlook in summary 68