EFTA01459000.pdf

8 December 2015 World Outlook 2016: Managing with less liquidity 1Long-term forecast GDP (VOASITIO yhy C.PI in0s001. % 2014 2015F mar 20I7F ;;OI8r 20I9F 2014 20161, 20I7F ,ZOICF 20I9F .;0030 A000:40 0,010notti US 24 24 21 21 21 26 25 1.8 02 1.9 23 23 23 23 Japan -01 07 I6 08 14 13 13 28 08 07 2I I4 10 10 Euro ania 09 15 16 15 14 14 15 04 01 09 16 19 19 19 United 'ONO.," 29 24 26 23 23 23 23 15 00 11 19 20 20 20 Canada 26 13 24 28 22 22 22 19 12 21 23 20 20 20 Australia 26 23 30 34 40 40 36 25 15 1.9 22 25 25 2.5 EM aconomini Rude 08 -37 -07 05 12 20 20 78 156 92 71 55 44 42 South Attica /5 13 11 13 27 32 35 61 46 64 65 53 50 50 Chine 73 70 67 67 65 65 63 20 14 18 18 21 21 21 kids* 71 73 75 76 80 80 80 67 49 54 50 50 50 50 moons& 50 45 45 50 60 60 60 64 64 48 52 60 60 60 Brazil 01 -37 -24 10 19 I7 I6 63 90 85 62 50 50 55 ,-,d rt I , ie. '"! ,' ' US 18 18 13 13 13 17 17 08 08 08 08 08 08 08 Japan 01 10 I8 11 19 18 18 -02 -03 -04 -04 -05 -0 5 -0 5 EUr0 woo 06 17 12 10 09 09 10 03 03 04 05 05 05 05 United K0gacen 24 18 19 17 17 17 17 08 06 08 08 08 08 08 Canada 14 03 14 17 13 13 I3 11 10 10 09 09 09 09 Avatcalta 12 06 16 20 25 26 21 14 17 14 14 14 14 14 Russia -14 -38 -07 08 13 21 21 21 00 00 00 -01 -01 -0 1 South Attica -01 -05 00 03 17 22 25 16 18 11 10 10 10 10 China 68 65 62 62 60 80 60 05 05 05 04 04 04 03 India 57 59 61 64 68 66 66 14 14 14 14 14 14 14 indonsita 38 32 33 38 43 50 50 12 I7 18 15 15 IS 15 W111 THE Ii IIIIIE -I I -45 -32 03 12 10 10 12 08 08 07 07 07 07 . S hi. ,El- 2-.‘tel .3E5i ..CISh .S... .0 Sill Advanced eatiCfrot5 US 0.13 039 1.13 213 289 300 300 215 1.80 250 276 300 3.26 3.26 Japan 010 010 010 010 010 050 050 044 035 055 050 000 o 10 Barons 0.05 0.05 0.05 005 025 075 1.50 0.54 050 1.10 19, LSO 2.00 2.20 United Kingdom 050 050 100 150 200 250 300 176 180 240 280 320 350 350 Canada 1.00 0.50 0.76 200 3.50 4.00 3.50 1.79 1.66 2.56 450 5.50 5.50 5.10 Australia 250 200 200 200 250 300 350 274 300 300 300 300 300 300 SM.O.hok.1.1) Ruses 1700 1100 900 850 800 750 750 1298 970 850 800 750 7.00 650 South Attlee 5.75 625 7.00 700 6.50 69D 6.50 716 660 920 93, 900 8.75 650 Crime 2.75 ISO 100 100 100 100 100 385 290 320 332/ 350 30, 377 India 8C0 675 650 650 650 650 700 703 70, 750 750 780 780 780 indoneeta 775 750 700 700 700 700 700 7130 860 850 850 800 eco 8.00 final II 75 1425 1425 1100 1100 1300 1100 12® 1530 1400 1205 1177 1133 1101 IA tote vs US7ItcN f7S taro vf F. 2014 .7014F .:t161, '..!019W 2",>14 ;;Ol SF .:0I6v rir US 100 100 100 100 100 100 ICO I21 105 090 086 100 110 1.15 Japan 12064 12500 12800 12000 11000 10500 10000 14570 13125 11520 10200 11000 115 550 11500 Euro area I 21 105 090 085 100 110 1 15 100 100 ICO 100 100 1CO 10) United Kngdom 156 147 127 115 127 134 140 078 071 071 074 079 082 082 Canada 116 135 140 140 130 120 120 140 142 128 1 19 1® 132 138 Ausualxa 082 069 062 060 065 070 070 148 152 145 142 154 157 1.64 Roan 56 26 64 35 6604 64 74 00 39 59 15 0035 03 30 67 74 5950 5466 eo.os 65 00 69.37 South AMC. 11 58 14 33 1540 1570 1320 1280 1330 14 00 15 05 13 87 13 31 13 20 14 07 15 29 Olin 610 640 670 670 670 670 670 743 672 603 570 670 737 771 India 6333 6700 08 00 6900 8900 7000 7000 7689 7035 61 20 5805 6900 7700 8050 indonese 12440 14000 13500 13000 12500 12000 12500 15052 14700 12150 11050 12500 1320, 14375 8teD1 266 390 420 437 453 4139 488 322 410 378 371 453 516 5.59 Scarce National Au:henna Deutsche Bank Research Deutsche Bank AG/London Pagu 17 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0119184 CONFIDENTIAL SDNY_GM_00265368 EFTA01459000