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Global economy in 2011
Global economy in 2011 is expected to be weaker compared to 2010 World GDP growth of 5%. The BRIC countries are expected to be drivers of the World economy in 2011. As per IMF, global GDP Growth is forecast at 3.79% for 2011.
| Countries | GDP growth % |
| US | 1.5 |
| Eurozone | 1.4 |
| Japan | -0.7 |
| China | 9.1 |
| Brazil | 2.1 |
| Russia | 4.8 |
| India | 6.9 |
| Canada | 3.4 |
| South Africa | 3.1 |
| Source: Tradingeconomics.com | |
Goldman Sachs released a new global outlook for 2012 and 2013 in a period of substantial economic and financial market uncertainty for the Euro, on December 2 2011
•For the world economy as a whole, our forecast for real GDP growth in 2012 is 3.2% and 4.1% for 2013.
•We expect growth to slow in the US, although we still do not expect a recession.
•We have made the biggest adjustment to our 2012 forecasts in the Euro area, where we now expect a deeper recession and only gradual stabilization late in 2012. But this is conditional on major policy changes in the region, probably involving a partial ‘mutualization’ of the existing debt stock supported by the European Central Bank.
•In the emerging world outside Europe, and especially in China, we expect the spillovers to be smaller, although a key risk to this forecast lies in more substantial disruptions to global capital flows
Outlook 2012:
2012 may not bring much of cheer due to continuing woes of the economy in the developed economies. The global GDP growth is projected at 3.2-3.5%. The impact on China, India and some of the developing Asian countries is expected to be small. Indian market players are convinced that India has robust long-term growth prospects. Consumption of petrochemicals is projected to hit 53.2 mln tons by 2016-2017, up from 31.9 mln tons in 2011-2012. The low per capita consumption levels point to the potential of the Indian polymer market and helps growth forecasts remain optimistic. India’s infrastructure sector is expected to draw nearly US$100 bln (€74 bln) in investment in 2011. Additionally, the government plans to spend US$16 bln in the agricultural sector in 2011, while US$15 bln has been allocated for rural and urban housing development.
Source:http://www.plastemart.com
