1. Global Economic Outlook 2012 GRI Europe Summit 2011 Paris, 8 September 2011 Dr. Jürgen Pfister, Chief Economist and Head of Research
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3. Global economy: Two-speed recovery (1) Inflation and seasonally-adjusted GDP vs. trend, quarterly figures, first quarter 2000=100
4. US: Slow recovery Inflation and seasonally-adjusted GDP, change on previous period in percent, annualized
5. US: Adjustment to losses in wealth completed Private household saving rate in percent and change in net worth in trillions of dollars 1) 1) Saving rate: H1 2011; net worth: Q1 2011
6. US: Widening gap Share of government outlays and revenues in percent of GDP Gross-government debt as percentage of GDP 99% End-2011: 61% End-2006:
7. Euro area: Slow recovery Inflation-adjusted GDP, change on previous period in percent
8. Euro area: Two-speed recovery (2) Inflation and seasonally-adjusted GDP, first quarter 2008=100
9. Euro area: Slow progress towards sustainable public finances General government deficit and gross debt as percent of GDP
12. Bond markets: Low bond yields for a while Yields on ten-year government bonds, monthly averages in percent
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15. Thank you for your attention! Dr. Jürgen Pfister Chief Economist and Head of Research Phone: +49 (0)89.2171.21750 Email: juergen.pfister@bayernlb.de