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2017 Global Economic Outlook by Dun & Bradstreet

Learn from Dun & Bradstreet’s economists as they share our 2017 global economic outlook. Discover the top five economic game changers, take a look at the short-term economic outlook and view deep-dive analyses on featured countries.

2017 Global Economic Outlook by Dun & Bradstreet

  1. 1. Dun & Bradstreet’s Global Economic Outlook 2017 and Beyond Making Sense of the New World Order Country Insight Services November 2016
  2. 2. 2 Country Insight Services Follow us on Twitter @DnBUS | #DnBEconBrief Economic downturns, political upheaval, and natural disasters can all have an impact on global trade. Unrest can result in overnight barriers to imports, added taxes to exports, piracy activity in key shipping lanes, and other substantial obstacles to global business. D&B Country Insight provides comprehensive analysis on over 130 individual countries that account for more than 95% of the global GDP, helping you understand:  Political Risk: How stable is the country’s government?  Economic Risk: Is the economy expanding or contracting?  External Risk: Is the currency stable or unstable?  Commercial Risk: Will I get paid and how quickly?  Trade Environment: Have import regulations changed? Contact the team D&B Country Insight Services For information relating to D&B’s Country Insight Services. UK Enquiry Telephone: 01628 492700 Fax: 01628 492929 Email: CountryInsight@dnb.com International Enquiry USA Telephone: 1-800 234-3867 Option 1, 1, and then 2 Reps are available M-F 8am-6pm eastern time Rest of World Telephone: +44 1628 492700
  3. 3. Western Europe Agenda North America Latin America Asia-Pacific The Top Five Economic Game Changers Short-Term Economic Outlook (G20) Introduction: A Global View of Risks Eastern Europe and Central Asia Middle East and North Africa
  4. 4. Introduction: A Global View of Risks
  5. 5. 5Follow us on Twitter @DnBUS | #DnBEconBrief An Unprecedented Recession, Hence Global Risks Remain Elevated Seven Years After It Ended … CIPS Global Risk Index (CIPS GRI) – powered by Dun & Bradstreet (100=Most Risk) Source: Dun & Bradstreet 0 10 20 30 40 50 60 70 80 90 100 Q3 1994 Q3 1996 Q3 1998 Q3 2000 Q3 2002 Q3 2004 Q3 2006 Q3 2008 Q3 2010 Q3 2012 Q3 2014 Q3 2016 North America Latin America Asia Pacific Eastern Europe and Central Asia Western & Central Europe Middle East and North Africa Sub-Saharan Africa
  6. 6. 6 In Fact Risk Has Increased Globally, As Measured by the D&B Country Risk Score Source: Dun & Bradstreet July 2009 Oct 2016 Follow us on Twitter @DnBUS | #DnBEconBrief
  7. 7. 7 D&B’s Top Risks Facing the Global Economy … Region Risk Likelihood Global Impact (1-5) Global Business Impact Score (1-100) North America Global uncertainty among policy- makers, businesses and households over the lack of detail in President- elect Trump's policies curtails business activity in the US as well global cross-border trade and investment prospects 70 3 42 Western Europe Hard Brexit will lead to the disruption disruption of supply chains in Europe 65 3 39 Asia- Pacific In China, default contagion from bad debts in industry and local government triggers state rescues for mid-tier banks 50 3 30 Pan- regional Rapidly growing cyber-dependence and connectivity lead to increasingly frequent and more damaging cyber attacks, with global ramifications 70 2 28 North America Congress has little appetite for trade deals, while new President keeps election promise. TPP and TTIP are scrapped and NAFTA is 70 2 28 Pan- regional Deal between the EU and Turkey eventually collapses, thereby to a renewed migrant crisis in Western Europe 45 3 27 The latest Dun & Bradstreet Global Business Impact score highlights a further worsening of risks for businesses across the world. The nature of risk is continues to change, with four new entries among our top ten risks led by the pervasive political uncertainty in the US and the UK. Global Business Impact Score 274 226 265 283 272 250 254 260 231 230 235 243 281 200 225 250 275 300 Q3 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Source: Dun & Bradstreet Follow us on Twitter @DnBUS | #DnBEconBrief
  8. 8. 8 … Drive Our Forecast for Slow, Middling Growth Source: Dun & Bradstreet Follow us on Twitter @DnBUS | #DnBEconBrief Real GDP Growth (%) 2014 2015 2016 2017 2018 2019 2020 2021 World 2.6 2.4 2.2 2.7 3.0 3.1 3.1 3.1 Advanced economies 1.8 2.0 1.6 1.8 2.1 2.1 2.1 2.1 US 2.4 2.4 1.6 2.0 2.3 2.2 2.0 1.9 Euroland 1.0 1.6 1.6 1.5 1.9 2.1 2.3 2.5 Japan 0.0 0.5 0.5 1.0 1.5 1.0 1.0 1.0 UK 3.1 2.2 1.8 0.7 1.1 1.3 1.5 1.7 Emerging economies 4.2 3.3 3.3 4.2 4.6 4.8 4.7 4.7 Brazil 0.1 -3.8 -3.4 0.9 1.5 2.0 2.1 2.3 Russia 0.7 -3.7 -0.6 1.3 1.4 1.5 1.5 1.6 India 7.2 7.6 7.5 7.9 8.0 8.0 8.0 7.2 China 7.3 6.9 6.5 6.0 5.8 6.0 5.5 5.1
  9. 9. Short-Term Economic Outlook
  10. 10. 10 Short-Term Economic Outlook Follow us on Twitter @DnBUS | #DnBEconBrief Short-term Economic Outlook Long-term Economic Potential Market Potential FX Risk Transfer Risk Business Regulatory Environment Business Continuity Political/ Insecurity Risk Expropriation/ Nationalisation Risk Source: Dun & Bradstreet
  11. 11. 11Follow us on Twitter @DnBUS | #DnBEconBrief Short-Term Economic Outlook (January 2012) Short-term Economic Outlook Long-term Economic Potential Market Potential FX Risk Transfer Risk Business Regulatory Environment Business Continuity Political/ Insecurity Risk Expropriation/ Nationalisation Risk
  12. 12. 12Follow us on Twitter @DnBUS | #DnBEconBrief Short-Term Economic Outlook (January 2014) Short-term Economic Outlook Long-term Economic Potential Market Potential FX Risk Transfer Risk Business Regulatory Environment Business Continuity Political/ Insecurity Risk Expropriation/ Nationalisation Risk
  13. 13. 13Follow us on Twitter @DnBUS | #DnBEconBrief Short-Term Economic Outlook (January 2016) Short-term Economic Outlook Long-term Economic Potential Market Potential FX Risk Transfer Risk Business Regulatory Environment Business Continuity Political/ Insecurity Risk Expropriation/ Nationalisation Risk
  14. 14. 14Follow us on Twitter @DnBUS | #DnBEconBrief Short-Term Economic Outlook (October 2016) Short-term Economic Outlook Long-term Economic Potential Market Potential FX Risk Transfer Risk Business Regulatory Environment Business Continuity Political/ Insecurity Risk Expropriation/ Nationalisation Risk
  15. 15. Western Europe
  16. 16. Brexit
  17. 17. 17Follow us on Twitter @DnBUS | #DnBEconBrief Economic Baseline Figures -1.0 0.0 1.0 2.0 3.0 4.0 5.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Percent Source: Office for National Statistics, Dun & Bradstreet Real GDP (Forecast) Real GDP (Actual) Inflation (Forecast) Inflation (Actual) • Some metrics of economic performance that the fundamentals of the economy are solid: for example, domestic output expanded by 0.5% quarter on quarter in Q3. • Inflation is also gradually picking up on account of a cheaper pound (albeit remaining well below the Bank of England’s medium-term target of 2%).
  18. 18. 18Follow us on Twitter @DnBUS | #DnBEconBrief Key Economic Indicators • Retail trade growth accelerated over the quarter. • Markit/CIPS’s UK Construction PMI tallies with the suggested strengthening of momentum in the sector. • Overall, forward-looking indicators also bode well for future economic activity, with Markit’s Purchasing Managers’ Index (PMI) for the manufacturing sector rising to its highest level since mid-2014.
  19. 19. 19Follow us on Twitter @DnBUS | #DnBEconBrief Business Failures Dun & Bradstreet data for Q3 show a drop in the amount of corporate insolvencies: some 14% lower than the preceding quarter, possibly tracking the resilience of the economy, which expanded more than previously anticipated in the three months to September.
  20. 20. 20Follow us on Twitter @DnBUS | #DnBEconBrief Prompt Payment Snapshot Despite stronger-than expected real GDP growth in Q3, a weaker pound, and robust retail sales, Dun & Bradstreet’s data reveals that the proportions of prompt payments decreased slightly over the quarter.
  21. 21. 21Follow us on Twitter @DnBUS | #DnBEconBrief Despite the current economic bonanza, Dun & Bradstreet predicts that Brexit’s medium- to long-term economic impact on the UK will be significant and negative.  We have downgraded the country’s risk rating from DB2c to DB2d (still just within the ‘low risk’ category). We are also maintaining our ‘deteriorating’ rating outlook.  Prime Minister Theresa May’s government intended line of action likely to make it increasingly unlikely that the UK will retain access to the EU’s common market once Brexit is eventually completed.  The possible loss of the passporting rights that currently allow UK-based banks to operate across the EU is a major source of concern. o Brexit could take a heavy toll on the UK’s financial sector: up to 70,000 finance industry jobs could be lost if Britain leaves the EU, according to the industry body TheCityUK.  Several other UK-listed companies, are being affected by a weaker pound.
  22. 22. 22Follow us on Twitter @DnBUS | #DnBEconBrief The Baseline Scenario • Parliament will approve Article 50 invocation • PM invokes Article 50 in Q1 2017 • EU membership ends Q1 2019 • However: transition deal required post Q1 2019 • Hence: EU laws likely to remain in force until early 2020s • After that: Free Trade Agreement
  23. 23. The E.U.
  24. 24. 24Follow us on Twitter @DnBUS | #DnBEconBrief The economic outlook is improving:  There is reason to believe that the economy is switching into a slightly higher gear in the final months of the year;  Inflation rates remain low, albeit rising, real wage growth is still robust, and the labour market also continues to provide good news… … However, political risk is rising:  Upcoming elections in the Netherlands, France and Germany in 2017, in addition to Brexit.  Weak minority government in Spain in October 2016 and the prospect of government collapse over the outcome of a referendum in November in Italy.  The outcome of US presidential elections could bolster consensus for anti-EU parties.
  25. 25. North America
  26. 26. 26 North America Also Stuck In the New Mediocre Follow us on Twitter @DnBUS | #DnBEconBrief 2014 2015 2016E 2017F 2018F 2019F 2020F 2021F US 2.4 2.6 1.6 2.0 2.3 2.2 2.0 2.0 Canada 2.5 1.1 1.4 2.1 2.3 2.0 2.1 2.1 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Q1-2013 Q2-2013 Q3-2013 Q4-2013 Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q2-2015 Q3-2015 Q4-2015 Q1-2016 Q2-2016 Q3-2016 GDP, topline Consumption New Government’s Policies Will Aim to Add More Drivers of Growth
  27. 27. 27 … But Long Term Metrics Also Important Follow us on Twitter @DnBUS | #DnBEconBrief 0.0 20.0 40.0 60.0 80.0 100.0 120.0 1940 1944 1948 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024 Federal Debt Held by the Public, % of GDP -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023 2026 Total Deficit/Surplus, % of GDP Average Deficit, 1966 to 2015=2.8% Sources: Congressional Budget Office, Dun & Bradstreet
  28. 28. 28Follow us on Twitter @DnBUS | #DnBEconBrief Canada: Some Domestic Clarity… 0% 50% 100% 150% 200% 250% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Statistics Canada, Bureau of Economic Analysis, Office of National Statistics , Banca d’Italia, Australian Bureau of Statistics, Bank of Japan, Banque de France Canada: Government Debt as Percentage of GDP (%) U.S.: General Government Debt Outstanding as a % of GDP (%) U.K.: General Government Outstanding Debt as a % of GDP (%) Italy: General Government Debt Outstanding as a % of GDP (%) Australia: General Government Outstanding Debt as a Percentage of GDP (%) Japan: General Government Debt as a Percentage of GDP (%) France: General Government Debt as a Percentage of GDP(%) 89.5% 100.1% 103.8% 105.9% 133.4% 159.9% 193.7% 0% 50% 100% 150% 200% 250% Germany U.S. EA 19 France U.K. Canada Australia Source: Statistical Offices of the European Communities, Federal Reserve Board, Statistics Canada, Australia Bureau of Statistics Household Outstanding Debt to Gross Disposable Income (Q2 2016)
  29. 29. 29Follow us on Twitter @DnBUS | #DnBEconBrief …but International Uncertainty Reigns • An impasse regarding the implementation of the Canada and European Union Comprehensive Economic Trade Agreement (CETA) has been resolved. • Despite the compromise, the treaty still requires ratification by all national and regional parliaments of EU member nations. • High levels of doubt surround the longevity of the North American Free Trade Agreement (NAFTA) • Enactment of Article 2205 remains in the realm of possibility. • Official withdrawal only six-months after notice is given.
  30. 30. Eastern Europe and Central Asia
  31. 31. 31Follow us on Twitter @DnBUS | #DnBEconBrief Eastern Europe & Central Asia: Key Issues -60% -40% -20% 0% 20% 40% 60% -8% -4% 0% 4% 8% 12% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016f 2017f 2018f 2019f 2020f 2021f Regional growth is strongly correlated with oil prices… GDP growth y/y Oil price growth y/y GDP growth y/y (Forecast) Oil price growth y/y (Forecast) Source: Haver Analytics, Dun & Bradstreet Structural impediments continue to hamper the region's business environment… Source: World Economic Forum Global Competitiveness Report 2016-2017, Transparency International Corruption Perceptions Index 2015, Dun & Bradstreet Regional ranking Infrastructure Quality 71 [out of 138] Property Rights 84 [out of 138] Business Impact of Rules on FDI 85 [out of 138] Corruption 91 [out of 168]
  32. 32. 32Follow us on Twitter @DnBUS | #DnBEconBrief Eastern Europe & Central Asia: Risks & Opportunities Risks FX Risk: Brexit and Trump-related uncertainties continue to weigh on emerging market assets and currencies throughout 2017 High probability Business Regulatory Environment: Deteriorating government finances (due to lower-for longer oil prices) lead to hikes in business taxes and reductions in financial incentives for foreign investors Moderate probability Political/Insecurity Risk: Escalating geopolitical tensions between Russia and the West prompt a direct conflict Low probability Opportunities Market Potential: Brexit and Trump presidency could mean Western sanctions on Russia eased in 2017 - opening up opportunities for exporters and investors in the energy, defence and financial sectors Moderate probability Market Potential: Lower-for-longer oil prices drives economic diversification and funnels government investment into nascent sectors with promising long-term potential, e.g. agriculture and renewable energy High probability Long-Term Economic Potential: Lower-for-longer oil prices prompts governments to undertake significant structural reforms Low probability
  33. 33. Latin America
  34. 34. 34 Latin America – Subdued Outlook Sources: Haver Analytics, Dun & Bradstreet Drivers Risks -2.0 0.0 2.0 4.0 6.0 8.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016f 2017f 2018f 2019f 2020f 2021f RealGDPGrowth(%) Latin America & Caribbean World  Gradual recovery in commodity prices  Higher capital inflows  Firmer external demand  Looser domestic monetary policy  Pro-business reforms - Disappointing recovery in key trade partners - Protracted weakness in export prices - Austerity backlash = hiked political risks - Tighter global liquidity (US Fed Funds Rate) - New uncertainties: Brexit; radical US trade policy shifts Follow us on Twitter @DnBUS | #DnBEconBrief
  35. 35. 35 Key Recommendations Assess the impact of potential changes in US trade and immigration policies on exports of agriculture (South America) and manufactured goods (Mexico) as well as remittance inflows (Mexico, Central America). Follow Brexit-related developments vis-à-vis changes to UK and EU market access. Watch for new bilateral trade deals in the wake of Brexit but expect delays in finalization of agreements. Monitor leading currencies' volatility against the dollar. Hedge foreign exchange risks, where possible. Ensure compliance with anti-corruption laws to minimize reputational risk. Expect ongoing challenges with bureaucracy, inadequate infrastructure and corruption. Follow us on Twitter @DnBUS | #DnBEconBrief
  36. 36. Asia-Pacific
  37. 37. 37 88 57 44 36 33 30 28 24 24 22 21 14 12 Ireland 2010 Indonesia 1998 Spain 2007 Thailand 1997 Argentina 2002 China 2016 Malaysia 1997 Japan 1990 UK 1990 Greece 2007 Portugal 2009 South Korea 1997 US 2007 Sources: BIS, Dun & Bradstreet Credit to GDP ‘gap’ % GDP greater risk Follow us on Twitter @DnBUS | #DnBEconBrief Financial Cycle: China & Asia-Pacific
  38. 38. 38Follow us on Twitter @DnBUS | #DnBEconBrief Demographic Divergence Across Asia -1.0 0.0 1.0 2.0 3.0 4.0 1950 1960 1970 1980 1990 2000 2010 2020 2030 China Working Age Total Population Labor Force -2.0 -1.0 0.0 1.0 2.0 3.0 1950 1960 1970 1980 1990 2000 2010 2020 2030 Japan Working Age Total Population Labor Force 0.0 0.5 1.0 1.5 2.0 2.5 3.0 1950 1960 1970 1980 1990 2000 2010 2020 2030 India Working Age Total Population -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 1950 1960 1970 1980 1990 2000 2010 2020 2030 East Asia Working Age Total Population 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 1950 1960 1970 1980 1990 2000 2010 2020 2030 Southeast Asia Working Age Total Population Source: UN, National Statistical Agencies -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 1950 1960 1970 1980 1990 2000 2010 2020 2030 Thailand Working Age Total Population Labor Force
  39. 39. Middle East and North Africa
  40. 40. 40 Three Layers Undermine the Regional Outlook Follow us on Twitter @DnBUS | #DnBEconBrief Oil Prices Insecurity Structural Issues
  41. 41. 41Follow us on Twitter @DnBUS | #DnBEconBrief 108.9 98.9 52.4 43.1 50.2 63.0 68.0 79.0 85.0 0 20 40 60 80 100 120 2013 2014 2015 2016f 2017f 2018f 2019f 2020f 2021f USD/bbl. Source: World Bank, Haver Analytics, Dun & Bradstreet Average Annual Oil Prices
  42. 42. 42 Insecurity: MENA’s Security Risks Late 2010 Follow us on Twitter @DnBUS | #DnBEconBrief Source: Dun & Bradstreet
  43. 43. 43 Insecurity: MENA’s Security Risks Late 2016 Follow us on Twitter @DnBUS | #DnBEconBrief Source: Dun & Bradstreet
  44. 44. 44 Structural Issues Follow us on Twitter @DnBUS | #DnBEconBrief Source: World Economic Forum, World Bank, Transparency International, Dun & Bradstreet
  45. 45. The Top Five Economic Game Changers
  46. 46. 1. Blockchain Technology
  47. 47. 47Follow us on Twitter @DnBUS | #DnBEconBrief What is Blockchain? Blockchain or ‘distributed ledger technology’ is a way of electronically storing information that is or can be: a) Immutable (the parties involved cannot change information that has been stored previously) b) Allows real time clearing (if the information tracks the movement of a real-world unit, that unit’s whereabouts and status will be recorded in real time) c) Universally accessible and transparent d) Protection is enabled by cryptography rather than a centralised authority Some of this is (still) somewhat idealistic as the technology is not impervious to being hacked (Mt Gox/Ethereum thefts)
  48. 48. 48Follow us on Twitter @DnBUS | #DnBEconBrief What are the Possible Applications?  Trade finance  Banking  Mining  Credit ratings  Stock exchange platforms  Fraud detection  Healthcare  Utilities  Real estate  Intellectual property  and many more
  49. 49. 49Follow us on Twitter @DnBUS | #DnBEconBrief Where are We Now?  Development of international standards underway  Recent Blockchain trade finance milestone  Australian Stock Exchange Surveys on expected time of adoption show that a majority of banks expect to use a blockchain-based technology by 2019. Industries that are not heavily regulated have a smoother path to adoption – e.g. diamonds industry.
  50. 50. 50Follow us on Twitter @DnBUS | #DnBEconBrief Stumbling Blocks General:  vulnerable to rumours/scandals;  resistance from stakeholders who risk becoming superfluous;  needing to replace existing processes and platforms. Particular to blockchain:  Security;  Privacy;  Cooperation;  Data bloat. Images are open source
  51. 51. 2. Decarbonization
  52. 52. 52Follow us on Twitter @DnBUS | #DnBEconBrief Renewable Growth Capacity has Exploded Over the Prior 15 years 0 100000 200000 300000 400000 500000 600000 700000 800000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Megawatts Source: BP, Dun & Bradstreet Cumulative installed geothermal power capacity Cumulative installed photovoltaic (PV) power Cumulative installed wind turbine capacity
  53. 53. 53Follow us on Twitter @DnBUS | #DnBEconBrief But the Current Share Remains Low Renewable: (6.9%) Carbon producing: (86.8%) Nuclear: (6.2%) Renewable: (6.8%) Carbon producing: (87.5%) Nuclear: (5.7%) Renewable: (7.8%) Carbon producing: (87.0%) Nuclear: (5.1%) Renewable: (9.6%) Carbon producing: (86.0%) Nuclear: (4.4%)
  54. 54. 54Follow us on Twitter @DnBUS | #DnBEconBrief Where Is Progress Being Made? Source: BP, United Nations, Dun & Bradstreet
  55. 55. 55Follow us on Twitter @DnBUS | #DnBEconBrief Tonnes Carbon Dioxide per Person Top 21 countries by nominal size of GDP (USD) 19.8 17.0 16.7 14.8 12.9 12.4 10.3 9.5 9.3 6.8 6.7 6.3 5.7 4.8 4.7 4.4 4.3 3.7 2.4 2.3 1.7 0 5 10 15 20 25 Source: BP, United Nations, Dun & Bradstreet 2015-Tonnes Carbon Dioxide per Person
  56. 56. 3. Cyber Security
  57. 57. 57Follow us on Twitter @DnBUS | #DnBEconBrief National strategy Incident response E-crime & law enforcement Information sharing R&D Investment Diplomacy & trade Defense & crisis response Source: Lloyd’s City Risk Index (http://www.lloyds.com/cityriskindex/threats/cyber_attack) Source: Melissa Hathaway, Chris Demchak, Jason Kerben, Jennifer McArdle, and Francesca Spidalieri (www.potomacinstitute.org/academic-centers/cyber-readiness-index) Internet/Cybersecurity Risks Unknown or zero readiness Partial readiness Full readiness
  58. 58. 4. Deglobalization
  59. 59. 59 Strengthening of Shift Towards Less Free Trade Follow us on Twitter @DnBUS | #DnBEconBrief 19 14 18 17 18 18 18 17 17 21 10 12 14 16 18 20 22 G20 Trade-Restrictive Measures on the Rise (average per month) Sources: WTO, Dun & Bradstreet
  60. 60. 5. Negative Interest Rates
  61. 61. 61 Negative Interest Rates Are A Part of the New Normal Follow us on Twitter @DnBUS | #DnBEconBrief -1.00 -0.50 0.00 0.50 1.00 1.50 2.00 Policy Rates, % ECB Denmark Sweden Switzerland Japan Sources: Central Banks, Dun & Bradstreet
  62. 62. 62Follow us on Twitter @DnBUS | #DnBEconBrief Q A
  63. 63. 63 Connect with the team Follow us on Twitter @DnBUS | #DnBEconBrief D&B’s Country Insight team includes seasoned economists who compile and analyze country-specific insights from all major sources: finance ministries, central banks, local chambers of commerce, embassies, trade organizations, and other economic data sources such as the UN, World Bank, International Monetary Fund, Organization for Economic Development, and EU. Michelle Campbell Latin America CampbellM@DNB.com Jas Sehmi Eastern Europe & Central Asia SehmiJ@DNB.com Warwick Knowles Middle East & North Africa KnowlesW@DNB.com Isaac Leung Asia Pacific, Sub-Saharan Africa LeungI@DNB.com Oana Aristide Asia Pacific, Nordic Region AristideO@DNB.com Adam Morehouse Asia Pacific, North America MorehouseA@DNB.com Bodhi Ganguli North America, Sub-Saharan Africa GanguliB@DNB.com Nalanda Matia North America MatiaN@DNB.com Daniele Fraietta Western Europe FraiettaD@DNB.com Markus Kuger Western Europe KugerM@DNB.com Ben Kleber Western Europe KleberB@DNB.com
  64. 64. 64 Dun & Bradstreet will continue to keep an eye on the health of the global economy to bring you our views and perspectives. Follow us on Twitter @DnBUS | #DnBEconBrief Follow us on Twitter for Dun & Bradstreet’s up-to- the-minute information and analysis @DnBUS Click for more information on Country Insight Services
  65. 65. Thank You

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