Forecast Highlights and Changes from Last Month 3

Industrial Production Forecasts 3

Overview – Stronger Global Growth 4

Economic Forecast Overview Tables 8

Short Rates, 10-Year Yield Forecasts and 10-Year Yield Spreads 12

Emerging Market Countries — Short Rates and Forecast 13

Foreign Exchange Forecasts 13

Country Commentary

 United States 14

 Japan 15

 Euro Area 16

 Germany, France and Italy 17

 Spain, Greece, Ireland and Portugal 18

 Netherlands, Belgium, Slovakia and Slovenia 19

 UK 20

 Switzerland, Sweden, Denmark and Norway 21

 Canada 22

 Australia and New Zealand 23

 China 24

 India 25

 Korea and Indonesia 26

 Hong Kong, Singapore and Taiwan 27

 Russia and Turkey 28

 Hungary and Poland 29

 Czech Republic and Romania 30

 Brazil and Mexico 31

 Argentina and Venezuela 32

 Saudi Arabia and United Arab Emirates 33

 Egypt, Nigeria and South Africa 34

Emerging Market Countries Economic Forecast Overview 35

Sovereign Ratings Outlook 36

Yield and Spread Forecast Commentary 38

Citi Commodity Forecasts 40