financial statements 2012

9. Economic outlook

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The global economy is expected to improve in 2013 thanks to the emerging economies. Measures taken by central banks in the United States and in the euro zone have brightened the outlook, reducing the likelihood of an extreme scenario, but have been unable to prevent the advanced world economies from being mired in adjustment processes and low growth.

In 2013, the euro zone is only expected to grow 0.3%, while the United States should grow 1.8% (as long as the fiscal cliff is avoided, at least partially). Spain, meanwhile, is expected to undergo a contraction similar to that observed in 2012. Emerging economies are expected to be on a firmer footing. In China, growth is expected to rise a few tenths (to 7.9%), fueled by stimulus policies. The rest of the emerging economies in Asia and in Latin America are expected to see similar levels of growth. In the latter case, the region should grow by 3.7% in 2013, compared with 3% in 2012. Lastly, growth in the Turkish economy is expected to quicken in 2013 to 4.5%. Consequently, the world economy is expected to grow 3.5%.