📄 Extracted Text (204 words)
September 2015
Asset Allocation
IFigure 11: We expect the EM growth advantage of DM will erode further and
fall to the middle of its historical range
EM minus DM: Real GDP growth rate (96)
7 (IMF data and forecasts)
6 1 — 2011 forecast 6
—2012 forecast
5 2013 forecast 5
4 -I — 2014 forecast 4
—Consensus forecast
3 I • 2015 forecast 3
2
1
0
Sans Rif, Nor, °Mirth, ant
Figure 12: Global growth steady at trend like rates as measured at PPP
weights. rising above trend as measured at market weights
World Real GDP Growth (%)
6 (IMF data and forecas
5 5
4 4
3 3
2 2
1 2015 1
0 0
—PPP weights 1. -1
-1
Market exchange rate weights
-2 -2
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Deutsche Bank Securities Inc. Page 9
CONFIDENTIAL — PURSUANT TO FED R CRIM. P. 6(e) DI3-SDNY-0118631
CONFIDENTIAL SDNY GM 00264815
EFTA01458633
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