Global Economics Analyst :September/October 2009
Goldman Sachs

Contents
World Outlook 1
Main Economic Forecasts 2
Interest Rate Forecasts 4
G3 and Europe ...........................................................4
America and Asia ......................................................5
Exchange Rate Forecasts 6
Dollar Crosses ...........................................................6
Euro Crosses..............................................................7
Monetary and Fiscal Conditions 8
Broad Money Growth ................................................8
Budget Balances........................................................9
Government Debt Ratio...........................................10
Demand and Output 11
Real GDP..................................................................11
Real GDP—Since 2002 and 10 Year Trend ............12
Nominal GDP—Level ..............................................13
Nominal GDP ...........................................................14
Consumer Expenditure ............................................15
Fixed Investment .....................................................16
Domestic Demand ...................................................17
Exports of Goods and Services................................18
Imports of Goods and Services ...............................19
Current Account.......................................................20
Industrial Production ...............................................21
Unemployment Rate................................................22
Prices 23
CPI Inflation .............................................................23
GDP Deflators..........................................................24
Commodity Prices....................................................25
Country Reports—G3 26
United States...........................................................26
Japan.......................................................................27
Euroland...................................................................28
Country Reports—Europe 29
Czech Republic ........................................................29
Denmark ..................................................................29
France......................................................................30
Germany ..................................................................30
Hungary ...................................................................31
Italy..........................................................................31
Kazakhstan ..............................................................32
Netherlands.............................................................32
Country Reports—Europe cont’
Norway..............................................................33
Poland...............................................................33
Russia................................................................34
Spain.................................................................34
Sweden.............................................................35
Switzerland.......................................................35
Turkey................................................................36
Ukraine..............................................................36
United Kingdom ................................................37
Country Reports—Africa & Middle East 38
Egypt.................................................................38
Israel .................................................................38
Nigeria ..............................................................39
South Africa ......................................................39
Asia 40
Australia............................................................40
China.................................................................40
Hong Kong.........................................................41
India..................................................................41
Indonesia...........................................................42
Malaysia ...........................................................42
New Zealand.....................................................43
Philippines.........................................................43
Singapore..........................................................44
South Korea ......................................................44
Taiwan..............................................................45
Thailand ............................................................45
Vietnam.............................................................46
Latin America and Canada 47
Argentina ..........................................................47
Brazil .................................................................47
Chile..................................................................48
Colombia...........................................................48
Ecuador .............................................................49
Mexico..............................................................49
Peru...................................................................50
Venezuela..........................................................50
Canada..............................................................51
World Data 52
World Exports ...................................................52
World Imports ...................................................54
Size of the World 56