TABLE OF CONTENTS
Forecast Summary: Key Features…………………………………………………………………………………………………………. 3
Snapshot: Our Global Scenario at a Glance……………………………………………………………………………………………….. 4
The Big Picture………………………………………………………………………………………………………………………………. 5
Thematic 1: The Global Output Gap……………………………………………………………………………………………………… 18
Thematic 2: The Policy Thermometer…………………………………………………………………………………………………….. 20
Thematic 3: The Role of China…………………………………………………………………………………………………………….. 21
Thematic 4: Policy Timeline………………………………………………………………………………………………………………… 23
Thematic 5: Fiscal Policy Shock and Awe………………………………………………………………………………………………… 26
Thematic 6: Euro Area Household Indebtedness……………………………………………………………………………………….. 27
Country Sections…………………………………………………………………………………………………………………………….. 28
United States…………………………………………………………………………………………………………………………………. 29
Canada……………………………………………………………………………………………………………………………………..… 35
Euro Area…………………………………………………………………………………………………………………………………….. 38
France………………………………………………………………………………………………………………………………………… 44
Germany……………………………………………………………………………………………………………………………………… 49
United Kingdom……………………………………………………………………………………………………………………………… 54
Japan…………………………………………………………………………………………………………………………………………. 59
China………………………………………………………………………………………………………………………………………….. 65
Australia………………………………………………………………………………………………………………………………………. 72
Global GDP and Inflation Forecasts……………………………………………………………………………………………………….. 76