Summary of Main Views 3

Overview 4-7

Short-Term Economic Forecasts 8

Key Global Economic Indicators 9

Short-Term Currency, Interest Rate and Bond Forecasts 10-11

Foreign Exchange Strategy 12-13

Global Equity Strategy 14-15

Long-Term Economic and Market Forecasts 16-17

Country Commentary

United States 18

Japan 19

Euro Area 20-22

United Kingdom 23

Switzerland, Sweden, Denmark, and Norway 24

Canada 25

Australia and New Zealand 26

China 27

Emerging Markets 28-37

EMA Contact List 38

Recent Publications 39