2 Citigroup Global Markets
Forecast Highlights and Changes from Last Month 3
Overview: Recovery’s Leaders and Laggards 4
Economic Forecast Overview 9
Long-Term Forecasts 12
Country Commentary 14
United States 14
Japan 15
Euro Area 16
Germany 17
France 17
Italy 18
Spain 18
UK 19
Switzerland 20
Sweden 20
Denmark 20
Norway 20
Canada 21
Australia and New Zealand 22
China 23
Brazil 24
Mexico 24
Poland 25
Russia 25
South Africa 26
Turkey 26
India 27
Korea 27
Rates Strategy 30
Credit Strategy: 32
Global Equity Strategy: Beyond The Twilight Zone 34
Securitised Products Strategy 37
Appendix 1 39
Citi Commodity Price Forecasts 39
Citi Foreign Exchange Forecasts 42
Appendix A-1 58