Appendix A: Industrial and economic outlook, 2012-2016

摘要

The rerun of the Greek election on 17 June changed surprisingly little. It probably did no more than delay Greece's slow descent into effective default. Meanwhile the malaise is spreading, to Spain, and even to Germany. As a result our Eurozone forecasts remain well below the consensus. Maintaining our bearish stance we've downgraded several of our emerging market forecasts, because of first quarter growth in the cases of Brazil and India, and second quarter indicators in China. Elsewhere we've trimmed modestly to reflect the debilitating effects of the uncertainty surrounding the Eurozone, which is holding back production plans, investment and hiring at firms globally.