Jan Loeys Global Asset Allocation (1-212) 834-5874 The J.P. Morgan View J.P. Morgan [email protected] 28 March 2013 Global Economic Outlook Summary Real GDP Real GDP Consumer prices % over a year ago % over previous period, saar % over a year ago 2011 2012 2013 2014 = 3Q12 4Q12 1013 2013 3013 4013 1014 3012 4Q12 2013 4013 The Americas United States 18 22 18% 23 3.1 O17 237 1.5 2.0 2.5 2.0 17 19 19 17 Canada 2.6 1.8 1.4 2.1 07 0.6 16 1.6 2.0 2.1 1.9 1.2 0.9 14 2.0 Latin America 42 2.6 3.4 3.8 2.0 3.4 3.0 40 42 37 39 47 47 5.0 47 Argentina 8.9 1.9 3.0 1.5 3.2 5.2 3.5 3.0 1.6 1.5 1.5 10.0 10.6 10.0 11.0 Brazil 27 0.9 3.0 40 1.5 2.2 27 37 44 3S) 42 52 56 64 59 Chile 59 5.6 55 45 5.0 6.1 6.0 54 48 45 45 26 2.2 2.2 3.1 Colombia 6.6 40 45 5.0 29 74 42 55 55 54 45 3.1 28 2.0 24 Ecuador 8.0 5.0 40 45 6.3 5.5 5.0 3.0 3.0 40 5.0 51 46 54 47 Mexico 39 39 3.6 3.6 1.5 3.1 39 45 46 40 3.5 46 41 40 3.4 Peru 6.9 6.3 6.0 6.5 6.9 2.5 5.0 70 75 6.0 6.5 3.5 29 2.3 2.5 Uruguay 57 3.5 37 40 78 23 40 3.0 5.0 5.0 40 8.0 8.9 84 Tf Venezuela 42 5.6 2.0 3.0 5.2 57 40 2.0 2.0 2.0 40 19.0 18.7 31.0 35.7 Asia/Pacific 47 48 48 48 tT 29 54 530 557 53 54 54 21 2.2 26 3.0 Japan 0.5 2.0 1.3 1.2 3.7 0.2 3.0 3.2 2.5 29 34 04 0.2 0.0 0.5 Australia 24 3.6 27 3.2 2.6 24 24 27 37 2.6 43 2.0 2.2 28 27 New Zealand 14 2.5 25 29 0.7 6.1 21 3.5 2.0 44 43 08 0.9 14 2.2 Asia ex Japan 74 6.2 67 6.7 59 T7 67 697 6.9 6.9 70 3.2 3.4 37 42 China 93 78 8.2 8.0 8.0 94 8.0 8.2 8.2 8.2 8.0 19 21 3.0 3.6 Hong Kong 49 1.4 3.8 3.6 3.2 49 3.5 3.5 5.0 5.0 2.0 3.1 3.8 3.5 37 India 6.2 5.0 58 6.5 3.5 47 64 6.5 53 5.6 76 98 10.1 9.0 85 Indonesia 6.5 6.2 57 53 53 6.9 5.0 6.0 6.0 5.5 5.5 45 44 3.9 46 Korea 36 T 20 2.8 oo 0.2 15 34 40 45 45 40 1.6 17 18 26 Malaysia 51 5.6 517 54 5.2 79 50 45 45 T 5.0 T 6.3 14 1.3 23 26 Philippines a) 6.6 53 53 70 6.1 45 49 53 53 53 3.5 3.0 3.1 34 Singapore 5.2 1.3 227 367 46 3.3 450 207 36T 44 6.1 42 40 354 38 Taiwan 41 1.3 42 39 39 73 40 40 42 43 34 29 1.8 13 23 Thailand 0.1 6.4 54 45 6.1 15.0