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FORECASTS

Year-on-year (%) change, unless otherwise specified

International economy

2016

2017

2018

2019

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

GDP GROWTH

Global

3.2

3.7

3.9

3.8

3.7

3.9

3.8

4.0

3.9

3.8

Developed countries

1.7

2.3

2.3

1.9

2.3

2.5

2.5

2.5

2.3

2.1

United States

1.5

2.3

2.5

2.0

2.2

2.3

2.5

2.8

2.6

2.4

Euro area

1.8

2.5

2.2

1.7

2.4

2.8

2.7

2.6

2.3

2.1

Germany

1.9

2.6

2.3

1.8

2.3

2.8

3.0

2.7

2.5

2.2

France

1.1

1.9

2.3

2.0

1.9

2.3

2.4

2.4

2.3

2.3

Italy

1.1

1.6

1.3

1.0

1.5

1.7

1.7

1.4

1.3

1.2

Portugal

1.5

2.7

2.3

2.2

3.0

2.5

2.4

2.3

2.3

2.3

Spain

3.3

3.1

2.4

2.3

3.1

3.1

3.1

2.8

2.5

2.3

Japan

0.9

1.7

1.3

1.0

1.7

2.1

1.7

1.7

1.2

0.9

United Kingdom

1.9

1.8

1.5

1.9

1.9

1.7

1.5

1.5

1.5

1.5

Emerging countries

4.4

4.7

4.9

5.0

4.6

4.8

4.8

5.0

4.9

4.9

China

6.7

6.9

6.5

6.3

6.9

6.8

6.8

6.6

6.5

6.4

India

7.9

6.3

7.3

7.5

5.7

6.3

7.0

7.0

7.2

7.4

Indonesia

5.0

5.1

5.5

5.6

5.0

5.1

5.3

5.5

5.5

5.5

Brazil

–3.5

0.9

2.3

2.7

0.4

1.4

1.8

1.6

2.3

2.5

Mexico

2.9

2.1

2.2

2.4

1.9

1.5

1.8

1.9

2.2

2.3

Chile

1.6

1.4

2.6

3.0

1.0

2.2

2.2

2.5

2.6

2.6

Russia

–0.3

1.7

1.8

2.1

2.5

1.8

2.0

1.9

1.8

1.6

Turkey

3.2

6.5

3.7

3.6

5.4

11.1

4.3

4.5

4.0

3.3

Poland

2.9

4.5

3.4

2.9

4.3

5.2

4.1

3.8

3.7

3.1

South Africa

0.4

0.9

1.2

1.3

0.5

1.0

1.3

1.7

1.3

1.0

INFLATION

Global

2.8

3.1

3.2

3.2

3.0

3.0

3.2

3.2

3.3

3.3

Developed countries

0.8

1.7

1.9

1.9

1.6

1.6

1.7

1.8

2.0

2.1

United States

1.3

2.1

2.2

2.0

1.9

2.0

2.1

2.0

2.5

2.5

Euro area

0.2

1.5

1.4

1.8

1.5

1.5

1.4

1.2

1.3

1.5

Germany

0.4

1.7

1.5

1.9

1.6

1.7

1.6

1.4

1.4

1.6

France

0.3

1.2

1.3

1.7

1.0

0.9

1.2

1.1

1.2

1.3

Italy

0.0

1.3

1.2

1.6

1.6

1.3

1.1

1.1

1.1

1.2

Portugal

0.6

1.6

1.7

1.7

1.7

1.3

1.8

1.6

1.4

1.8

Spain

–0.2

2.0

1.6

1.8

2.0

1.7

1.4

1.1

1.6

1.9

Japan

–0.1

0.4

1.0

0.9

0.4

0.6

0.5

1.2

1.0

1.1

United Kingdom

0.7

2.7

2.4

2.3

2.7

2.8

3.0

2.4

2.5

2.3

Emerging countries

4.3

3.9

4.4

4.3

3.8

3.8

4.1

4.4

4.4

4.5

China

2.0

1.6

2.1

2.3

1.4

1.6

1.8

2.4

2.4

2.2

India

4.9

3.3

4.6

4.9

2.2

3.0

4.6

4.7

4.5

4.9

Indonesia

3.5

3.8

3.8

4.6

4.3

3.8

3.3

3.1

3.6

4.0

Brazil

8.8

3.5

3.8

4.3

3.6

2.6

2.8

3.3

3.9

4.0

Mexico

2.8

6.0

4.0

3.6

6.1

6.5

6.6

4.9

3.8

3.8

Chile

3.8

2.2

2.9

3.0

2.3

1.7

2.2

2.6

3.0

3.0

Russia

7.1

3.7

3.6

4.0

4.2

3.4

2.6

2.9

3.2

4.0

Turkey

7.8

11.1

8.8

8.5

11.5

10.6

12.3

10.0

9.0

8.5

Poland

–0.2

1.6

2.2

2.5

1.5

1.5

1.8

2.0

2.3

2.3

South Africa

6.3

5.3

5.1

5.4

5.3

4.8

4.7

4.2

4.6

5.4


         Forecasts

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