economic indicators - roland berger berger economic indicators october 2017 external ... >...

Roland Berger Institute

October 2017

Economic Indicators

2 Roland Berger Economic Indicators October 2017 External version.pptx

Overview

Economic Indicators A publication, compiled by the Roland Berger Institute, that provides you with the most important macroeconomic facts and figures. The presentation is updated regularly.

Sources We screen the insights of the most important economic research institutes, think tanks and corporate research units around the world. These include IMF, OECD, WTO, Consensus as well as databases such as Bloomberg and Oxford Economics.

Real economic indicators > We are in the midst of a strong recovery of the world economy,

but geopolitical risks in particular may threaten growth in the medium-term

> GDP growth rates are picking up on a broad base, global GDP growth is projected to reach 3.6% in 2017 and 3.7% in 2018

> Inflation rates in advanced economies are expected to more than double reaching an average of 1.7% in 2017

Financial indicators > Stock markets are in great shape, key indices such as Dow

Jones, Nikkei and DAX reaching new all-time highs

> Fed interest rate is expected to rise further during 2018, while the ECB's is projected to stay at zero. Euro gained on USD

> Low bond yields and CDS indices reflect the current strength of economic activity and decreasing risks

Other indicators > Global economic climate has strongly recovered since Q4

2016 reaching high levels in EU and Germany

> Consumer sentiment in US and Germany at record levels in fall 2017

1

2

3

Key points


While in the short term the recovery of the world economy is strengthening, there are several risks to growth in the medium term

Development of the world economy Potential risk factors for the world economy

> Growth remains weak in many countries. Commodity exporters are particularly hard hit as their adjustment to a sharp stepdown in foreign earnings continues

> High policy uncertainty and geopolitical tensions (e.g. regarding North Korea, Middle East, Ukraine). Policy missteps could take a toll on market confidence, resulting in tighter financial conditions and weaker asset prices

> Prospects for medium-term growth are subdued, as negative output gaps shrink and demographic factors and weak productivity weigh on potential growth

> Further risks to growth in the medium term: a more rapid and sizable tightening of global financial conditions, financial turmoil in emerging markets, persistently low inflation in advanced economies, a broad rollback of the improvements in financial regulation achieved since the global financial crisis, and a shift towards protectionism.

> The upswing in global economic activity is strengthening. After a GDP growth rate of 3.2% in 2016, which was the weakest since the global financial crisis in 2009, global growth is expected to increase to 3.6% in 2017 and 3.7% in 2018

> According to the IMF, "broad-based upward revisions in the euro area, Japan, emerging Asia, emerging Europe, and Russia – where growth outcomes in the first half of 2017 were better than expected – more than offset downward revisions for the United States and the United Kingdom."

> In the cyclical pickup of global activity the IMF sees a "window of opportunity to tackle the key policy challenges – namely to boost potential output while ensuring its benefits are broadly shared, and to build resilience against downside risks. A renewed multilateral effort is also needed to tackle the common challenges of an integrated global economy."

> The IMF recommends structural reforms and growth-friendly fiscal policies to boost productivity and labor supply. Advanced economies should continue with their accommodative monetary policy until there are firm signs of inflation returning to target levels

Source: IMF


The global economic upswing gained further momentum in 2017 –Broad based upward revisions of short term growth forecasts

2008 2010 2012 2014 2016 2018

3.7 3.6

3.2 3.4

3.6 3.5 3.5

4.3

5.4

-0.1

3.0

2017

World

2015

3.4

2016

Advanced economies2) 2.2

US 2.9 1.5

Eurozone 2.1 2.0 1.8 (0.4)

Germany 2.0 1.5 1.9 (0.4)

France 1.6 1.1 1.2 (0.2)

Japan 1.5 1.1 1.0

Emerging/dev. economies

China 6.8 6.9 6.7 (0.2)

Russia 1.8 -2.8 -0.2 (0.4)

Spain 3.1 3.2 3.2 (0.5)

(change in forecast)1)

Italy 1.5 0.8 0.9 (0.7)

4.3

2018

2.3 (-0.2)

1.9 (0.3)

1.8 (0.3)

1.8 (0.2)

6.5 (0.3)

1.6 (0.2)

2.5 (0.4)

1.1 (0.3)

3.2

1.7

4.3

(change in forecast)1)

2.2 (-0.1)

2. Financial indicators 3. Other indicators 1. Real economic indicators

2.0 (0.0)

3.6

2.2 (0.2)

(0.1) 3.7 (0.1)

(0.3) 0.7 (0.1)

4.6 (0.1) 4.9 (0.1)

World

1) Change related to previous forecast (April 2017) indicates stability of the forecast; all 2017 and 2018 figures on the following slides are forecasts 2) Advanced economies is the term used by IMF to describe developed countries

Real GDP growth [%]

Source: IMF


Economies of Brazil, Russia and Nigeria emerge from recession – China and India continue remain engines of growth

2016

Brazil

Russia

India

China

2017 2016 2018 2017 2016 2018

Bangladesh

Egypt

Iran

Mexico

Nigeria

Pakistan

7.2

4.3

12.5

2.3

4.5

South Korea

Turkey

2.8

3.2

7.0

4.5

3.8

1.9

5.6

3.0

3.5

7.1

4.1

3.5

2.1

Indonesia

Malaysia

Philippines

Thailand

Vietnam

5.0

4.2

6.9

3.2

6.2

5.3

4.8

6.7

3.5

6.3

5.2

5.4

6.6

3.7

6.3

Weighted avg.3)

Weighted avg.3)

Weighted avg.3)

2017 2016 2018

Weighted avg.3)

1.9

BRICS NEXT-112) ASEAN-5

MIST1)

5.3

3.0

5.1

2018

1) MIST states comprise Mexico, Indonesia, South Korea and Turkey 2) Except for the Asean-5 countries Indonesia, Philippines and Vietnam; however the weighted average includes all countries of the aggregate Next 11, not only the ones listed 3) Average weighted via GDP in PPP current international dollar

2017

5.8 5.7 5.1

3.6 4.0 3.5

5.2 5.2 4.9

4.5 4.1 4.2

Source: IMF


1.5 0.7

1.6

-3.6

1.8 -0.2

0.8 -1.6

7.1 7.4 6.7

6.7 6.5 6.8

South Africa 0.3 1.1 0.7

Real GDP growth [%]


The risk of recession has declined all over the world – With the USA being a notable exception


> Compared to the IMF WEO Outlook from April 2017 and reflecting higher projected growth rates, the probability of a recession within the next four quarters declined esp. in the Eurozone and Latin America

> Exception USA: Recession risk low but slightly rising

> Overall, Japan shows the highest recession risk with 40.0%

Comments

0

5

10

15

20

25

30

35

40

45

50

Rest of the World

31.6

Latin America

19.6

Emerging Asia

0.6

Japan

40.0

Eurozone

21.7

United States

23.8

IMF WEO April 2017: Probability of recession within the period 2017 Q2 – 2018 Q1

IMF WEO October 2017: Probability of recession within the period 2017 Q4 – 2018 Q3

21.6

29.5

44.0

0.8

28.7

32.6

Probability of recession within the next four quarters following Q4 and Q1 2017 [%]

Source: IMF


Compared to recoveries after previous recessions OECD countries' investment levels since the last crisis remain too low


US

Eurozone

Germany

Japan

China

Russia

20.0 19.7

20.8 20.3

19.6 19.2

23.5 23.3

24.4 25.3

Advanced economies

19.8

20.6

19.4

23.4

23.8

World 25.5

(-0.3)

(0.6)

(0.3)

(-0.1)

(1.5)

(-0.6)

(0.6)

(0.4)

(-0.2)

(1.5)

France 23.0 23.3 (1.2)


20.4

20.0

19.1

23.9

25.8

31.9 32.3 32.0 (0.0) (0.0)

22.1

33.0

23.0 (1.1) 22.8

21.2

25.3 (0.0) 25.4 (-0.1)

2017 2015 2016 (change in forecast)2)

2018 (change in forecast)2)

20.9

43.3 44.2 44.0 (0.1) (0.0) 44.7

Investment evolution of OECD countries following recessions1) [Ind.]

Source: OECD, IMF

1) Current recovery since 2008 Q1 including forecast in the dotted line. Previous 3 recoveries pre-recession peak in 1973 Q4, 1980 Q1 and 1990 Q3. Investment is real total gross fixed

capital formation 2) Change related to previous forecast (April 2017) indicates instability of the forecast

Total investment [% of GDP]

140

130

120

110

100

90

80 1 2 3 4 5 6 7 8 9 10

Pre-recession peak = 100

Years after peak

Current recovery Average previous 3 recoveries

21.3 21.1 (0.1) (-0.1)


Mixed picture regarding output gaps: Some countries still have room for improvement while others are stretching their limits


Source: IMF

1) The output gap is actual minus potential output, as a percentage of potential output. Potential output – referred to as the production capacity of the economy – is the maximum amount

of goods and services an economy can turn out when it is most efficient (at full capacity). Estimates of the output gap are subject to significant margins of uncertainty

Output gap in 2017 [% of potential GDP]1)

Developed countries Developing countries

France Italy Spain US UK

-1.8

0.3

-1.6

-0.1

-0.7

Germany

0.8

Brazil India Russia Turkey China

-3.7

0.8

-0.7

0.1

-0.3

Iran

1.6


66.8

53.0

112.4

97.8

57.4

75.2

122.9 125.9

87.4

45.6

57.7

Oil price on the up, but high inventories and quick responses by shale producers are expected to limit sharp price rises

Oil price (Brent) [USD/barrel]1) Forward curve and forecast2)

57.2

45.0

65.0

57.6

46.5

62.0

57.8

48.0

65.0

56.0

40.7

66.0

56.2

40.7

67.0

56.7

43.0

65.0

Jan 2006 Oct 2017 Jan 2008 Jan 2010 Jan 2012

Highest value Jul 2008

147.5 +30.6

Lowest value Jan 2016

-120.4

Jan 2014 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19

1) All values (except highest, lowest and latest) are end-of-month based; highest and lowest values are the max-/minimum on a daily basis, latest value is end-of-day value of Oct 24th 2017 2) The blue dashed lines indicate a forecast range of highest and lowest values; the black dashed line is the forward curve

Source: Bloomberg

61.8


27.1

+85.7


1,279.1

1,152.3

1,351.0 1,293.0

1,061.4

1,327.3

1,234.6

1,179.6

724.6

974.2

10

Gold price remains volatile around 1,200 USD – Commodity prices rose in the last months, mainly driven by increasing energy prices

Highest value Sep 2011


-642.1 1,921.2

516.9

+131.1

+1,404.3


-618.5

Jan 2008 Jan 2006 Jan 2010 Oct 2017 Jan 2012 Jan 2008 Jan 2006 Oct 2017

Gold price [USD per ounce]1) S&P GSCI [Index value]1) 2)

Source: Bloomberg

Jan 2014 Jan 2014

271.8

Jan 2010


Jan 2012

890.3

402.9 445.6

658.6

703.5

591.0

758.8

549.9

336.2

599.3

453.9

1) All values (except highest, lowest and latest) are end-of-month based, highest and lowest values are on a daily end-of-day basis, latest value is end-of-day value of Oct 24th 2017 2) S&P GSCI (formerly Goldman Sachs Commodity Index): serves as a benchmark for investment in the commodity markets and as a measure of commodity performance over time


+436.4


48.6

51.3 52.9

49.1

53.2

52.7 50.5

53.2

50.0

202.0

193.6

143.0

148.9 146.6

139.3

181.8

165.6

180.7


In the US, housing market index approaches its 2006 high – Global manufacturing index solid above 50 signaling further expansion

-72.4

Lowest value Dec 2008

Highest value April 2010 and Feb 2011

-4.2

34.3

54.6

+67.9

Jan 2008 Jan 2006 Jan 2010 July 2017 Jan 2012 Jan 2008 Jan 2006 Jan 2010 Sep 2017 Jan 2012

206.5

Case Shiller Index [Index]1) 3) JPM Global Manufacturing PMI [Index]2) 3)

Jan 2014 Jan 2014

202.0

57.4

1) Measure for the US residential housing market 2) JP Morgan's Purchasing Managers' Index is based on surveys covering purchasing executives in 40 countries accounting for an estimated 95% of global manufacturing output; 50 = neutral mark (no change on prior month) values above 50 indicate rising and below falling values 3) All values are end-of-month based


Lowest value March 2012

134.1

Source: Bloomberg

+4.5

-20.3

+23.1


Advanced economies' inflation is strongly increasing, but – due to the relatively weak oil price – less than previously anticipated

2008 2010 2012 2014 2016 2018

3.3 3.1

2.8 2.8

3.2

3.7

4.1

5.0

3.7

2.7

6.3

US

Eurozone

Germany

Italy

Japan

China

Russia

0.1 2.1

0.0 1.5

0.1 1.6

0.1

0.8 0.4

1.4 1.8

15.5 4.2

Advanced economies 0.3

2.1

1.4

1.5

1.2

0.5

2.4

3.9

World 2.8

Spain -0.5 1.5

(-0.5)

(-0.2)

(-0.5)

(-0.6)

(-0.6)

(-0.2)

(-0.3)

(-0.1)

(-0.2)

(-0.1)

(-0.1)

(0.1)

(-0.3)

(0.0)

France 0.1 1.3 (0.1)


1.3

0.2

0.4

-0.1

2.8

4.7 4.2 4.4 (-0.4) (0.0)

2.0

7.0

4.4

1.2 (-0.2) 0.3

1.4

2.0

(0.2)

(-0.4)

-0.1

-0.2

0.8 1.7 1.7 (-0.3) (-0.2)

3.1 (-0.4) 3.3 (-0.1)


World



Source: IMF

1) Annual change in average consumer prices (headline inflation) 2) Change from previous forecast (April 2017) indicates instability of the forecast

Inflation rate1) [%]


2008 2010 2012 2014 2016 2018

10.2

9.3

4.9

10.0

5.3

8.9

10.2

9.6

8.1

11.4

9.6

5.8

7.6

11.6

7.4

12.0

4.1

8.7

10.9

6.2

4.4

9.2

US

Eurozone

The strong economic pick-up lowers unemployment rates briskly – But in the Eurozone rates are still high

US

Eurozone

Germany

France

Japan

5.3

10.9

4.6

10.4

3.1 3.4 2.9

Advanced economies 6.2 6.7

2.9

Spain 22.1

China

Russia

4.0 4.1 4.0

5.5 5.6 5.5

4.0

5.5

(-0.2)

(0.0)

(0.0)

(-0.2)

(0.0)

(0.0)

Italy 11.9

4.4 4.1 (-0.3) (-0.5) 4.9

10.0

4.2 3.8 3.7 (-0.4) (-0.5)

10.0

11.7

19.6

9.5 9.0 (-0.2) (-0.2)

11.4 11.0 (0.0) (0.0)

17.1 15.6 (-0.6) (-1.0)




9.2 8.7 (-0.3) (-0.4)

5.7 5.4 (-0.3) (-0.4)

Unemployment rate [%]

1) Change from previous forecast (April 2017) indicates instability of the forecast

Source: IMF


12,375 13,027

5,502

7,376

9,495 8,067

5,674

3,388

2,688

4,612

3,412

1,871

3,235

2,048

23,274

10,913

12,811 13,930 16,285

+16,898

US and German equities scaling new peaks, while Shanghai Composite continues to climb

Jan 2006 Oct 2017

Highest value Oct 2017



+9,506

-2,736

Oct 2017

10,865

Dow Jones [Index value]1) DAX [Index value]1) Shanghai Composite [Index value]1)

-94

6,124 13,095


-4,395 -2,085

+4,962

Jan 2006

1,162

Jan 2006

-68

1) All values (except highest, lowest and latest) are end-of-month based; highest and lowest values are the max-/minimum on a daily basis, latest value is end-of-day value of Oct 23rd or 24th 2017

Source: Bloomberg


23,368

Lowest value Mar 2009 6,470

Oct 2017



19,651

15,576

16,291

8,928

11,090

18,262

16,650

3,616

2,865

3,697

2,119

3,013

Highest value Jun 2007

EURO STOXX, Nikkei and CAC 40 mirror the upward trend – Nikkei following Dow Jones and DAX reaching new all-time highs

+1,851

+14,810 +2,935

Jan 2006 Oct 2017 Jan 2006 Oct 2017

-2,807

6,168 Highest value Jun 2007

3,692


4,948

-3,703

4,573

EURO STOXX [Index value]1) Nikkei [Index value]1) CAC 40 [Index value]1)


21,805

-9,655

+881 5,400

4,237

5,083

3,017

4,110

Lowest value Mar 2009

2,465


+1,220

Source: Bloomberg

1) All values (except highest, lowest and latest) are end-of-month based; highest and lowest values are the max-/minimum on a daily basis, latest value is end-of-day value of Oct 24th 2017

Oct 2017

Lowest value Oct 2008

Jan 2006

6,995


1.19

1.15

1.25

1.39

1.23

1.45

1.50

1.18 1.25

0.00

0.50 0.25

1.50

1.00

0.25

2.00

4.25

5.25

4.50

2.25

While Fed interest rates are set to rise, ECB's are expected to stay at zero – Since Trump taking office, Euro gained ground on USD

Source: Bloomberg, Commerzbank, Postbank

Highest value Apr 2008

Lowest value Jan 2017 1.03

1.60

Jan 2006 Oct 2017 Jan 2006 Oct 2017

Fed

2.25

1.75

Q3 2018

1.20

1.08

1.33

1.19

1.09

1.28

ECB

Q4 2018

Interest rates [%]1) EUR/USD exchange rate [EUR/USD]1) Forecast2) Forecast3)

1.23

1) All values (except highest, lowest and latest) are end-of-month based; highest and lowest values are the max-/minimum on a daily basis, latest value is end-of-day value of Oct 26th 2017 2) Fed forecast figures show the upper limit 3) The blue dashed lines indicate a forecast range of highest and lowest values; the black dashed line is the forward curve


1.25

0.00 0.00


-5

0

5

10

15

20

25

30

35

Low bond yields and declining CDS indices reflect the current strength of economic activity and the overall lower risk levels

Oct 2017 Jan 2008

0

50

100

150

200

First 36 month LTRO2) announcement 21 Dec 2011

Eurozone 52

US 64

Asia 78

Jan 2010 Jan 2012 Jan 2014

Yields of 10y government bonds [%]1) Credit default swaps (CDS) [Index 01/11=100]1)

Source: Bloomberg

Oct 2017 Jan 2011 Jan 2013 Jan 2015

1) All values (except latest) are end-of-month based; latest value is for Oct 24th 2017 2) LTRO: Long Term Refinancing Operations. ECB lends money to Eurozone banks at a very low interest rate


LATEST VALUES LATEST VALUES

Greece 5.6

Italy 2.0

France 0.9

Germany 0.5

Spain 1.6

Portugal 2.3

China 3.7


2016 2015 2017 2018

Fiscal balance [% of GDP]1)

-4.2

-2.3

-4.8

-2.8

-1.7

-3.6

-1.0

-6.2

-3.8

-8.6

1.2

-1.4 -1.1

-3.3

Austerity efforts continue – EU and Eurozone are heading towards an average level of 1% government net lending …

0.7

-1.7

-0.7

-2.2

-4.1

-1.5

-3.2

-2.9

-4.3

-3.0

-9.2

-3.7

-6.4

-1.4

-2.1

0.6

-3.1

-2.7

-3.5

-4.4

-5.1

-4.3

-3.5

-3.6

-10.3

-2.8

-7.1

-4.1

-3.4

0.8

1.0

-1.9

-2.4

-4.2

-2.0

-4.5

-2.9

-4.4

-3.4

-9.0

-3.7

-6.6

-2.9

-3.7

-3.0

0.8

-1.1

-0.5

-1.3

-3.3

-1.4

-2.5

-2.3

-3.7

-9.3

-3.7

-6.2

-2.5

-1.5

-0.2

Advanced economies2)

Emerging & developing economies2)

1) Fiscal balance is represented by the IMF indicator "general government net lending/borrowing" 2) Average of all advanced and emerging & developing countries in line with the following chart (general government gross debt)

Source: IMF


2004 2006 2008 2010 2012 2014 2016 2018

Selected advanced economies

Selected emerging economies

EU-28

Eurozone

Germany

Greece

Ireland

Italy

Japan

Portugal

Spain

United Kingdom

United States

France

Brazil

China

India

Mexico

Russia

-1.5 -2.4 -1.7 -1.2 -1.5 -2.1 -1.3 -1.0


2016 2015 2017 2018

General government gross debt [% of GDP]1)

5047

403738

3438

47

104106105107

98

79

7477

2004 2006 2008 2010 2012 2014 2016 2018

… but for advanced economies there is still a long way to go to reduce their substantial levels of government debt

Emerging & developing economies

Advanced economies

180.2

133.0

240.3

87.4

65.0

69.3

125.7

98.7

89.5

108.1

96.8

90.0

70.9

179.4

77.1

132.1

238.1

129.0

99.8

89.0

105.2

95.6

89.0

68.1

181.6

72.9

132.6

239.3

130.4

99.4

89.3

107.1

96.3

83.4

47.6

68.7

53.3

17.4

72.5

41.1

69.5

53.7

15.9

78.3

44.3

69.6

58.4

15.6

97.0

61.8

184.5

67.8

131.4

240.0

122.5

97.2

89.7

107.8

85.6

87.7

50.8

67.1

52.4

17.7

1) Gross debt consists of all liabilities that require payments of interest and/or principal by the debtor to the creditor in the future. No financial assets of a state, such as gold, currency reserves, loans and other accounts receivables are deducted


EU-28

Eurozone

Germany

Greece

Ireland

Italy

Japan

Portugal

Spain

United Kingdom

United States

France

Brazil

China

India

Mexico

Russia

Advanced economies

Emerging economies

Source: IMF

84.2 86.5 85.7 82.6


-10

-9

-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250

Japan

Italy

Ireland

Greece

Germany

France

Portugal

Spain

UK

United States

EU-28 Eurozone

Brazil

China

India

Mexico

Russia

Most big EU countries sit along former Maastricht fiscal balance yardstick but are far from the 60% government debt benchmark

Fiscal balance

General government gross debt

Former Maastricht criteria: max. 60%

Former Maastricht criteria: max. -3%


Public finances 2017 – Fiscal balance and general government gross debt [% of GDP]

Source: IMF


12.7

-7.1

8.8

14.9

-14.7

17.2 26.8

Global economic climate strongly recovered since Q4 2016 – EU back to its former high point, Germany surpassing previous highs

Q1 2006 Q3 2017 Q1 2006 Q3 2017

World economic climate [Balances]1) Economic climate – EU [Balances]1)

1) Arithmetic mean of judgment about the present and the expected economic situation. As of the first quarter 2017 the Ifo Institute uses "balances" to illustrate the economic climate instead of indices. The balances range between − 100 and + 100 points.

Highest value Q3 2007 30.2

+3.4

Lowest value Q1 2009 -52.7

-82.9

4.5

24.3

-9.4

-33.1 -31.5

7.4 14.0

Highest values Q3 2007 and Q3 2017

35.2

+21.2

Lowest value Q1 2009 -60.3

-95.5


Source: Ifo Institute

+65.4

+95.5

0 0

Q1 2006 Oct 2017

Eco. climate – Germany [Balances]1)

0.0

15.0

-4.5

21.4 20.0

4.9

Lowest value Q2 2009


-37.9

25.8

+63.7 -42.8

0

35.2


8.9 8.4

6.0

4.6

9.8

10.7

4.2

9.1

5.7

55.7

91.2

79.1

85.1

77.5

90.4

82.7

101.1

96.9

70.3

94.7

87.2

73.2

Consumer confidence in Germany and the US climbed to new heights in fall 2017


Lowest value Nov 2008

4.0

Lowest value Sep 2008

Highest value Sep. 2017

1.5

55.3

101.1

Jan 2006 Jan 2008 Nov 2017 Jan 2010 Jan 2012

+9.3

+45.8

Consumer index – Germany1) [Indicator] Consumer sentiment – US [Index; 1966=100]

Jan 2014 Jan 2006 Jan 2008 Oct 2017 Jan 2010 Jan 2012 Jan 2014

-2.5

-35.9


10.9

-0.1

1) Indicates change in real private consumption compared to the year before divided by 10; value of 10 indicates consumption growth of 1%

Source: GFK, University of Michigan


23

Contacts & selected resources for further reading

Klaus Fuest +49 (211) 4389-2231

[email protected]

Christian Krys +49 (211) 4389-2917

[email protected]

Eurostat Data for short term economic analysis (October 2017) Link

OECD Economic outlook and interim economic outlook (September 2017) Link

Contacts Further reading IMF World Economic Outlook (October 2017)

Link

http://ec.europa.eu/eurostat/en/web/products-statistical-books/product/-/asset_publisher/AJvyaqHIoCCp/content/KS-BJ-17-010?inheritRedirect=false&redirect=http://ec.europa.eu/eurostat/en/web/products-statistical-books/product?p_p_id%3D101_INSTANCE_AJvyaqHIoCCp%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26p_p_col_id%3Dcolumn-1%26p_p_col_count%3D1

http://www.oecd.org/eco/outlook/economic-outlook/

http://www.elibrary.imf.org/view/IMF081/24491-9781484312490/24491-9781484312490/24491-9781484312490.xml

economic indicators - roland berger berger economic indicators october 2017 external ... >...

Documents