Jan Loeys
(1-212) 834-5874
jan.loeys@jpmorgan.com
Global Asset Allocation
The J.P. Morgan View
09 November 2012
J.P.Morgan
Global Economic Outlook Summary
Real GDP
% over a year ago
2011 2012 2013
Real GDP
% over previous period, saar
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
Consumer prices
% over a year ago
4Q11 2Q12 4Q12 2Q13
The Americas
United States 1.8 2.2 1.7 2.0 1.3 2.0 2.0 1.0 1.5 2.5 3.3 1.9 1.9 1.7
Canada 2.6 2.2 2.1 1.8 1.9 1.9 2.0 2.1 2.1 2.2 2.7 1.6 2.4 2.0
Latin America 4.2 2.9 3.9 2.8 2.4 3.9 ↓ 4.5 3.4 3.7 4.0 7.2 6.0 6.0 6.8
Argentina 8.9 2.7 3.6 2.4 -3.2 5.0 10.0 2.0 2.5 2.0 9.6 9.9 10.0 11.0
Brazil 2.7 1.4 4.1 0.5 1.6 4.8 4.6 3.8 4.0 4.3 6.7 5.0 5.5 5.6
Chile 6.0 5.4 4.5 5.1 7.1 3.0 4.0 4.0 5.0 5.0 4.0 3.1 2.5 3.1
Colombia 5.9 4.3 4.5 0.9 6.7 2.8 3.8 4.2 5.5 5.5 3.9 3.4 3.1 3.2
Ecuador 8.0 5.0 4.0 4.2 4.8 3.0 5.5 5.0 3.0 3.0 5.5 5.1 5.1 5.4
Mexico 3.9 3.9 3.6 4.9 3.5 2.1 ↓ 3.5 4.0 3.2 3.3 3.5 3.9 4.4 4.1
Peru 6.9 6.0 7.0 8.3 6.0 5.5 6.0 8.0 8.0 7.0 4.5 4.1 3.0 2.8
Uruguay 5.7 3.5 4.0 11.8 2.1 9.0 -9.0 12.0 7.0 9.0 8.3 8.0 7.6 7.2
Venezuela 4.2 5.0 0.0 10.1 0.6 3.5 0.0 -4.0 0.0 3.0 28.5 22.3 18.5 30.2
Asia/Pacific
Japan -0.7 1.7 0.1 5.3 0.7 -3.5 -2.0 1.0 1.6 1.3 -0.3 0.2 0.0 -0.2
Australia 2.1 3.5 2.5 5.6 2.6 1.5 1.8 3.8 2.5 1.8 3.1 1.2 1.7 2.7
New Zealand 1.3 2.6 2.9 4.1 2.3 1.5 3.5 3.7 3.3 2.0 1.8 1.0 1.4 1.5
Asia ex Japan 7.4 6.1 6.4 7.2 5.8 5.7 6.2 ↓ 6.3 6.5 6.8 4.9 3.9 3.4 3.9 ↑
China 9.3 7.6 8.0 6.6 7.1 7.7 8.2 8.0 8.2 8.2 4.6 2.9 2.2 3.3
Hong Kong 5.0 1.2 3.2 2.4 -0.4 2.0 2.5 3.5 3.5 5.0 5.7 4.2 3.4 3.4
India 6.5 5.6 6.0 6.1 5.3 5.2 5.0 5.8 6.0 6.8 8.4 10.1 9.8 9.0
Indonesia 6.5 5.7 3.5 4.7 ↑ 6.0 ↓ 4.9 ↑ 3.0 3.0 4.0 4.0 4.1 4.5 3.9 2.2
Korea 3.6 2.3 3.2 3.5 1.1 0.6 3.5 3.0 4.0 4.5 4.0 2.4 1.9 3.0
Malaysia 5.1 5.0 ↑ 3.7 ↑ 5.8 5.9 2.5 3.5 ↑ 3.0 3.5 3.5 3.2 1.7 1.1 1.2
Philippines 3.8 5.3 3.5 12.6 0.9 1.2 1.2 4.5 4.5 4.5 4.7 2.9 2.3 2.3
Singapore 4.9 1.5 ↓ 2.5 ↓ 9.5 ↓ -0.7 -3.9 ↓ 3.2 ↓ 4.9 ↓ 1.6 ↑ 4.1 ↓ 5.5 5.3 4.5 ↑ 4.0 ↑
Taiwan 4.0 1.2 3.4 1.6 2.2 3.5 3.8 3.5 3.5 3.8 1.4 1.7 2.1 1.8
Thailand 0.1 5.8 2.7 50.8 13.9 2.0 1.5 1.5 2.0 2.0 4.0 2.5 3.3 3.0
Africa/Middle East
Israel 4.6 3.0 3.1 3.1 3.4 2.0 2.8 4.9 6.1 6.1 2.5 1.6 1.3 1.5
South Africa 3.1 2.2 2.7 2.7 3.2 1.6 -1.3 5.4 3.3 3.6 6.1 5.7 5.6 5.8
Europe
Euro area 1.5 -0.4 0.1 0.0 -0.7 0.0 -1.5 0.0 0.8 1.3 2.9 2.5 2.5 1.9
Germany 3.1 1.0 1.1 ↓ 2.0 1.1 1.0 -1.0 ↓ 1.0 2.0 2.5 2.6 2.1 2.1 1.8
France 1.7 0.1 -0.1 0.1 -0.1 0.0 ↓ -1.5 -0.5 0.5 1.0 2.6 2.3 1.9 1.3
Italy 0.6 ↑ -2.3 -0.5 ↑ -3.2 ↑ -3.3 -1.5 ↓ -2.0 ↑ -0.5 1.0 ↑ 1.3 ↑ 3.7 3.6 3.2 2.3
Spain 0.4 -1.3 -1.7 ↓ -1.3 -1.7 -1.2 -2.5 -3.0 ↓ 0.0 ↓ 0.0 ↓ 2.7 1.9 3.4 2.9
United Kingdom 0.9 0.0 1.8 -1.2 -1.5 4.1 0.5 1.5 2.0 2.5 4.6 2.8 2.6 2.5
Emerging Europe 4.8 2.6 2.6 ↓ 2.4 1.3 0.4 ↓ 1.8 ↓ 2.7 ↓ 2.4 ↓ 3.7 ↓ 6.4 5.0 6.0 ↓ 6.3 ↑
Bulgaria 1.7 1.0 1.5 ... ... ... ... ... ... ... ... ... ... ...
Czech Republic 1.7 -1.1 0.9 -3.1 -0.8 -1.2 -1.3 2.1 1.0 4.3 2.4 3.4 2.9 2.4
Hungary 1.6 -1.2 0.5 -3.5 -0.9 -1.0 -1.0 1.0 1.5 1.8 4.1 5.5 5.8 4.7
Poland 4.3 2.3 1.6 ↓ 2.4 1.6 0.5 0.5 ↓ 1.3 ↓ 2.3 ↓ 3.0 ↓ 4.6 4.0 3.1 2.5
Romania 2.5 0.0 0.8 0.5 1.9 -2.4 -1.2 1.2 -0.4 3.2 3.4 1.9 4.7 6.4
Russia 4.3 3.6 3.0 3.7 1.5 1.0 ↓ 3.0 3.5 3.0 4.0 6.7 3.8 6.8 ↑ 7.4
Turkey 8.5 2.8 3.7 ... ... ... ... ... ... ... 9.2 9.4 7.3 ↓ 7.5 ↑
Global 3.0 2.4 2.5 3.0 1.8 2.0 1.9 2.4 2.7 3.2 3.8 2.8 2.8 2.8
Developed markets 1.3 1.2 1.0 1.7 0.4 0.6 0.2 0.9 1.4 1.9 2.7 1.8 1.9 1.6
Emerging markets 6.1 4.7 5.1 5.4 4.3 4.5 ↓ 5.0 ↓ 5.1 5.2 5.6 5.7 4.6 4.4 5.0 ↑
Source: J.P. Morgan
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HOUSE_OVERSIGHT_026577
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