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Economic Outlook no. 1189-1190 |Macroeconomic, Risk and Insolvency Outlook


Euler Hermes


World economic growth Annual average contribution to world growth, in %


5 4 3 2 1 0


9 9 0 0 0 0 0 0 0 0 0 0 1 1 1 1 143210987654321098 Sources: IHS Global Insight, Euler Hermes forecasts


-1 -2 -3


0 1 2 3 4 5


forecasts


10 15


6.3


Rest of the world OECD countries


9 9 0 0 0 0 0 0 0 0 0 0 1 1 1 1 143210987654321098 Sources: national figures, IHS Global Insight, Euler Hermes forecasts


-15 -10 -5 0 5


Economic forecasts GDP


World USA


Canada Japan


Australia Euro zone Germany France Italy


Spain


Netherlands Belgium Austria Finland Greece Ireland


Portugal UK


Sweden Denmark Norway


Switzerland


Central and Eastern Europe Russia


Asia (excluding Japan) China India


Latin America Brazil


Middle East and Africa GDP growth Q3 2012 compared to Q1 2008


Share * 2011 2012 2013 2014 100.0


22.5 2.6 8.8 2.2


19.5 5.3 4.1 3.3 2.2 1.2 0.8 0.6 0.4 0.4 0.3 0.4 3.6 0.8 0.5 0.7 0.9 7.0 2.8


20.4 10.9 2.8 8.3 3.7 2.6


3.0% 1.8% 2.6%


-0.7% 2.4%


2.4% 2.2% 2.0% 1.7% 3.5%


1.0% 0.1%


2.5% 1.9% 2.1% 0.3% 2.6%


1.5% -0.5% -0.1% 3.1% 1.7%


0.4% 0.0%


0.1% 0.3% 0.5% 0.7%


0.8% 0.2%


0.6% -2.1% -0.8% 0.4% -1.5% -1.6% 1.1% -0.9% 1.8% -0.2% 2.7% 2.7%


-7.1% -6.0% -3.7% 1.4%


0.2% 1.3% 1.4%


-1.7% -3.0% -1.7% 0.9% -0.1% 3.8%


1.1% -0.5% 1.3% 1.9% 4.6% 4.3% 7.2% 9.2% 6.5% 4.2% 2.7% 3.3%


Change from one period to the next Sources: IHS Global Insight, Euler Hermes forecasts * GDP 2011 weighing at current exchange rates


3.1% 0.9% 2.4% 3.8% 5.9% 7.6% 5.5% 2.7% 1.0% 4.6%


0.8% 1.4% 0.6% 2.2% 1.0% 3.0% 4.0% 6.4% 8.0% 6.5% 3.5% 3.3% 3.4%


forecasts Sources: national statistics, IHS Global Insight 5


3.2% 2.5% 2.6% 0.8% 3.2% 1.4% 1.9% 1.2% 0.6% 0.6% 1.6% 1.4% 1.6% 2.0%


-0.1% 2.0% 0.8% 1.3% 2.1% 1.6% 2.4% 1.7% 3.4% 4.0% 6.7% 8.2% 7.0% 3.8% 3.8% 4.3%


Greece Portugal Ireland Italy Spain


Denmark Finland


United Kingdom Japan


Euro zone


Netherlands France


Belgium Austria Germany


United States Norway


Switzerland Canada Sweden Australia


0.5% 1.0% 1.6% 2.8% 2.9% 4.4% 5.4% 5.4% 11.1%


-11.2% -7.2% -6.9% -6.8% -6.3% -4.1% -3.8% -3.1% -3.0% -2.7% -2.2% -0.9%


4.8 2.9 0 5.1 2.6 13.9 12.2 10.5 9.2 7.4 7.2 5.9 3.5 4.1 5.9


World trade in goods and services Yearly change, in %


forecasts


-11.8


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