financial statements 2013

9. Economic outlook

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The economic recovery in 2014 will continue to gain strength thanks to the package of measures taken. Growth of the global economy is expected to accelerate to around 3.5%, about half a point more than in 2013, mainly due to the improved outlook for developed economies. Both the United States and the Eurozone will make better progress in 2014; the U.S. by just over 2% and the Eurozone by around 1% (similar to the increase expected for the Spanish economy). In addition, emerging regions, which will continue to be the greatest contributors to global growth, will remain at their current rates of growth. Latin America will recover its growth to rates of around 3%, while Asia will continue to grow at above 5%, driven by China, where a rise of more than 7% is expected. The increase in Turkey will be at current levels of around 3.5%.