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Figure 23. Long-Term Forecasts Calendar Average, as of Feb 28, 2008
GDP CPI
Short-Term Interest Rates 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
United States 1.6
2.1 2.7
2.7 2.7
3.6 2.0
2.0 2.0
2.0 2.35
2.00 3.50
4.25 4.25
Japan 1.9 1.7 2.0 2.0 1.2 0.7 0.3 0.5 0.6 2.3 0.56 0.88 1.38 1.75
2.00 Euro Area
1.7 1.8
2.0 2.0
2.0 2.3
1.8 1.8
1.8 1.8
3.65 3.50
3.75 3.75
3.75
Canada 1.0 1.5 2.2 2.4 2.5 1.4 2.0 2.0 2.1 2.1 3.15 3.00 3.25 3.50
3.50 Australia
2.7 3.4
3.5 3.3
3.3 3.3
2.8 2.5
2.5 2.5
7.45 7.05
6.00 5.50
5.50 New
Zealand 2.1 2.0 3.0 3.0 3.0 2.8 2.4 2.3 2.3 2.3 8.25 7.80 7.00 6.75
6.50 Germany
1.6 1.9 2.1 1.7 1.7 1.8 1.6 1.6 1.5 1.5 France
1.6 1.6
2.0 2.3
2.3 2.2
1.4 1.6
1.6 1.5
Italy 0.8 1.4 1.2 1.3 1.2 2.5 1.8 1.9 1.8 1.7
Spain 2.1
2.2 2.1
2.2 2.1
3.4 2.3
2.4 1.7
1.8 Norway
4.0 3.0 2.5 2.5 2.5 3.4 2.5 2.5 2.5 2.5 Sweden
2.3 2.2
2.3 2.3
2.3 3.4
2.3 2.1
2.1 2.0
Switzerland 2.2 2.0 2.2 2.0 1.9 1.5 0.8 1.1 0.8 0.8 2.90 3.00 3.00 3.00
3.00 United Kingdom
1.7 1.9
2.6 2.8
2.9 2.5
2.0 2.2
1.9 2.1
4.75 4.30
4.90 5.00
5.25 China
10.5 10.0 10.5 9.8 9.0 5.0 4.0 4.2 3.5 4.0 7.7 7.7 8.0 8.0 8.3 India
8.3 8.5
8.7 9.5
9.5 4.3
4.0 4.0
4.0 3.5
6.0 6.0
6.0 5.5
5.5 Korea
4.6 4.8 4.8 4.8 4.8 3.3 2.5 2.5 2.5 2.5 4.9 5.0 5.2 5.3 5.3 Poland
5.0 4.7
5.2 5.9
5.5 4.2
3.0 2.3
2.5 2.7
5.5 5.5
5.5 5.5
5.5 Russia
6.6 6.5 6.5 6.5 6.6 12.9 8.9 7.0 5.9 4.8 11.0 9.5 8.3 7.5 6.8 South Africa
3.5 4.3
5.3 5.1
5.5 6.1
5.4 5.5
5.0 5.2
10.3 8.9
9.0 9.3
9.0 Turkey
4.2 5.2 5.8 6.0 6.2 7.8 6.5 5.1 4.5 4.2 16.3 13.8 11.1 10.0 9.2 Brazil
4.4 4.0
4.0 4.0
4.0 4.7
4.5 4.1
4.0 3.7
11.3 10.5
9.8 9.3
8.5 Mexico 2.9
3.7 4.1
3.8 4.3
3.9 3.5
3.2 3.1
3.1 7.3
6.5 6.5
6.5 6.5
Note: For Norway, mainland GDP. For India inflation forecast is for WPI. Source: Citi forecasts.
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Figure 24. Long-Term Forecasts Calendar Average, as of Feb 28, 2008
Ten-Year Yields Exchange Rate vs. U.S. Dollar
Exchange Rate vs. Euro
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
United States
3.75 4.25
4.75 5.00
5.00 NA
NA NA
NA NA
1.50 1.45
1.47 1.50
1.52
Japan
1.68 1.90 2.50 2.75 2.25 108 110 100 95 95 162 160 147 143 144
Euro Area
a
4.05 4.40
