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Global Economic Outlook 2012 GRI Europe Summit 2011 Paris, 8 September 2011 Dr. Jürgen Pfister, Chief Economist and Head of Research
Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object]
Global economy: Two-speed recovery (1) Inflation and seasonally-adjusted GDP vs. trend, quarterly figures, first quarter 2000=100
US: Slow recovery Inflation and seasonally-adjusted GDP, change on previous period in percent, annualized
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
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:
Euro area: Slow recovery Inflation-adjusted GDP, change on previous period in percent
Euro area: Two-speed recovery (2) Inflation and seasonally-adjusted GDP, first quarter 2008=100
Euro area: Slow progress towards sustainable public finances General government deficit and gross debt as percent of GDP
Sovereign debt crisis: Still unresolved ,[object Object],[object Object],[object Object],[object Object]
US/Euro area: ECB ahead of the Fed   In percent p.a.
Bond markets: Low bond yields for a while Yields on ten-year government bonds, monthly averages in percent
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object]
General Note ,[object Object]
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

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Keynote - GRI European Summit 2011

  • 1. Global Economic Outlook 2012 GRI Europe Summit 2011 Paris, 8 September 2011 Dr. Jürgen Pfister, Chief Economist and Head of Research
  • 2.
  • 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
  • 10.
  • 11. US/Euro area: ECB ahead of the Fed In percent p.a.
  • 12. Bond markets: Low bond yields for a while Yields on ten-year government bonds, monthly averages in percent
  • 13.
  • 14.
  • 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