Mixed fortunes 3
Growth returning 3
Inflation to move higher 10
Where’s the exit? 11
HSBC Economics’ key forecasts 15
Eurozone 16
A mixed bag 16
Germany 18
Strong near-term outlook 18
France 20
Fiscal stimulus to fade in 2010 20
Italy 22
Glimmers of hope 22
Spain 24
A long way to go 24
UK 26
Deleveraging: how much and how painful? 26
Norway 28
Signs of recovery 28
Sweden 29
The worst is over 29
Switzerland 30
Turning cautiously optimistic 30
Hungary 31
Back from the brink 31
Poland 32
Recession? What recession? 32
Russia 33
Shaky export-led recovery 33
Turkey 34
IMF saga still going on 34
Romania 35
No quick fix 35
Notes 36
Notes 37
Disclosure appendix 38
Disclaimer 39
Contents