Outlook for the Economy and Travel Outlook for the Global Economy and Travel
|
|
- Jared Lester
- 5 years ago
- Views:
Transcription
1 Outlook for the Economy and Travel Outlook for the Global Economy and Travel Adam Sacks President Tourism Adam Sacks President Tourism
2 Outline The Outlook for the Economy and Travel Views on a strengthening economy Risks Will there be enough demand? Oxford Economics
3 Strongest world post-crisis economic growth in 2018 Global economic growth appears synchronized and solid. Expected 3.2% global GDP growth in 2018 will be strongest performance post-crisis. Synchronized growth in both advanced and emerging economies. Low interest rates / supportive credit, and fastest world trade since crisis.
4 US economy is ramping up (2.9% GDP growth this year) $1.5 trillion tax cut (TCJA) $300 billion spending bill which will reach up to $1.2 trillion (BBA) Oxford Economics
5 Ongoing rotation to business investment in 2018: US Business investment and exports will be stronger engines of growth. Consumer spending trends will reflect a maturing economy.
6 Business investment continues to grow strongly
7 Leading surveys point to ongoing momentum
8 Private sector confidence remains upbeat
9 Labor market dynamics are positive
10 RISKS
11 What could possibly go wrong?
12 Risk #1: Bad Policy
13 Policy Risks: Fiscal stimulus vs Trade drag? Tax Cuts Government spending Infrastructure Less regulation Political uncertainty Trade protection Immigration
14 NAFTA: A US-exit would hurt everyone
15 Risk #2: Fed s balancing act could prove challenging Recession shading Faster inflation could lead to a more hawkish Fed and a market indigestion. A wider a budget deficit and reduced asset purchases from the Fed could push up long term rates
16 Risk #3: Wages must increase
17 But savings dip driven mostly by lower-income families US: The bottom 60% are driving the savings dip US$ billion Total savings (2015) EOP Top 40%: increased savings Bottom 60%: decreased savings Source : Oxford Economics / Consumer Expenditure Survey Total savings (2016) EOP
18 Risk 4: Financial market stress A lasting 10% stock market decline would shave 0.5pp from GDP growth (This is different from a correction from short term peak)
19 WHERE WILL THE DEMAND COME FROM?
20 Supply appears to be peaking below prior cycles Oxford Economics
21 Market-level supply pressures are beginning to ease Oxford Economics
22 Strength of demand is setting new norms Room nights per capita, US Annual room nights Q4: 3.8 room nights per capita Note: Seasonally adjusted Source: STR; Tourism Economics Oxford Economics
23 But has settled into strong correlation with GDP Room demand and GDP % change 10% 8% Demand 6% 4% GDP 4.0% 2.5% 1.7% 2.7% 2% 0% -2% -4% -6% -8% Note: Real GDP. Source: STR; BEA; Tourism Economics Oxford Economics
24 Further demand gains anticipated as GDP accelerates Oxford Economics
25 Industry mix and demographics favor west and south GDP CAGR, (%) Pacific Southwest & Mountains South East Midwest Source : Oxford Economics
26 Sources of new demand International markets Groups Vacation starved Americans Seasoned travellers
27 Has there been a Trump Slump in visits to US? Oxford Economics
28 Source: Pew Research Center
29 International travel to the US increased in 2017 US Inbound: Key Markets, 2017 Percentage change US Inbound: World Regions, 2017 Percentage change South Korea Argentina China Japan Canada 8.4% 6.9% 5.9% 4.9% 13.1% Caribbean Asia/Pacific Overseas Europe 6.1% 4.3% 2.6% 33.2% Germany France Brazil Australia UK 4.5% 3.9% 3.4% 0.1% 0.0% Total Latin America North America Africa -0.3% -3.2% 2.0% 0.4% Mexico -5.7% Middle East -6.2% Source: Tourism Economics -15% -5% 5% 15% Source: Tourism Economics -15% -5% 5% 15% 25% 35% 45%
30 The dollar has eased, supporting further inbound gains Value of the US dollar in 2017Q4: 12% stronger than 2014, but just 2.0% stronger than historical average Oxford Economics
31 Opportunity: New traveling households Added households with income > $35, vs Germany Spain Australia Venezuela Canada Italy Argentina France UK Mexico South Korea Russia Brazil USA India China Millions Source: Tourism Economics,constant 2015 prices million Oxford Economics
32 New traveling households ($100k threshold) Added households with income > $100, vs Argentina Venezuela Mexico Brazil Russia Spain Italy South Korea France Canada India Australia Germany UK China USA Millions Source: Tourism Economics,constant 2015 prices
33 West coast markets are favorably positioned West coast markets such as LA expected to benefit from Asia inbound growth. Oxford Economics
34 Sources of new demand International markets Groups Vacation starved Americans Seasoned travellers
35 Prospects for group are encouraging Group Room Demand and CAPEX % change 10% 5% Real capital investment 0% -5% Group room demand -10% -15% -20% Source: STR, BEA Oxford Economics
36 Sources of new demand International markets Groups Vacation starved Americans Seasoned travellers
37 Target opportunity: 660 mn unused vacation days Days Away on Vacation Annual vacation days per worker Long-term average: 20.3 days Vacation days Long-term average Note: Estimates are based on survey results for 2013 to 2017 (GfK and Beresford Research). Estimates for earlier years are based on analysis of BLS data. Source: Oxford Economics
38 Reversal in trends for both short and longer trips Full and Partial Week Vacations 24-month moving average, % of employed adults 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% Full week - out all week for vacation Partial week - out part of week for vacation 0.0% Source: Oxford Economics analysis of BLS survey results
39 Sources of new demand International markets Groups Vacation starved Americans Seasoned travellers
40 All age groups are spending more on travel, led by seniors Recent household spending on lodging by age Difference relative to long-term average 16% 20% 23% 24% 12% 8% 8% 1% All households Under to to to to to Household age brackets Note: Recent constant dollar spending (2013 to 2015) relative to long-term average for the same age brackets (1984 to 2015). Source: BLS; Tourism Economics
41 Seniors now represent greatest share of households and spending Share of lodging spending by age 60% 2000: 50% 2000: 42% 2015: 42% 50% 2015: 45% 2000: 33% 40% 2000: 35% 2015: 41% 2015: 36% 30% r 2000: 25% 2015: 22% 20% 10% 55 and over 35 to : 15% 2015: 13% Note: Lodging spending is based on recent three-year average (2013 to 2015). Consumer spending represents leisure trips. Source: BLS; Tourism Economics Year 0% Under Year
42 Key takeaways Improved economy to boost demand Risks are real but not high probability Supply increases present challenges to rate Demand will match supply increases Demand gains through 2018 and Business and group travel to show life. Watch for policy mis-steps, wage stagnation, and interest rates. Despite high occupancies, rate gains will remain modest. International visitors, groups, vacation trends, and demographics paint a positive picture. Oxford Economics
43 March 2018 Tourism Economics / Oxford Economics All data shown in tables and charts is Tourism Economics / Oxford Economics own data, and is copyright Oxford Economics Ltd, except where otherwise stated. To discuss further please contact: Aran Ryan, Director, Lodging Analytics, Tourism Economics / Oxford Economics aran.ryan@tourismeconomics.com 43
OUTLOOK FOR THE GLOBAL ECONOMY AND TRAVEL
January 2018 OUTLOOK FOR THE GLOBAL ECONOMY AND TRAVEL Adam Sacks President Tourism Economics @adam_sacks August 2018 Outline The Outlook for the Economy and Travel Views on the global economy Risks Will
More informationOutlook for the Global Economy and Travel
Outlook for the Global Economy and Travel Adam Sacks President Tourism Economics @adam_sacks November 2018 Let s pose some questions What s happening now? Outline What could go wrong? What s backwards?
More informationCalifornia Travel & Tourism Outlook. April 2018
California Travel & Tourism Outlook April 2018 California travel forecast overview Total visitation to California is forecast to grow 2.9% in 2018, following a 2.0% expansion in 2017. The near-term outlook
More informationECONOMIC OUTLOOK AND THE US LODGING INDUSTRY. Aran Ryan Director Tourism
ECONOMIC OUTLOOK AND THE US LODGING INDUSTRY Aran Ryan Director aran.ryan@tourismeconomics.com @AranRyan1 March 22, 2017 Some historical perspective Room demand expansion continues Pace of demand growth
More informationGlobal Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017
Global Construction 2030 Expo EDIFICA 2017 Santiago Chile 4-6 October 2017 Graham Robinson Global Construction Perspectives Global Construction 2030 is the fourth in a series of global studies of the construction
More informationMissouri Tourism Forecast FY
Current River Missouri Tourism Forecast FY2014-2018 St. Charles Fete de Glace St. Louis Missouri History Museum February 2014 Summary of key points Missouri s tourism economy will continue to expand over
More informationEconomic Update. Port Finance Seminar. Paul Bingham. Global Insight, Inc. Copyright 2006 Global Insight, Inc.
Economic Update Copyright 26 Global Insight, Inc. Port Finance Seminar Paul Bingham Global Insight, Inc. Baltimore, MD May 16, 26 The World Economy: Is the Risk of a Boom-Bust Rising? As the U.S. Economy
More informationCalifornia Travel & Tourism Outlook. September 2016
California Travel & Tourism Outlook September 2016 California travel forecast overview Total visitation to California is forecast to grow 2.2% in 2016, following a 4.8% expansion in 2015, which outperformed
More informationGlobal Helicopter Forecast
Global Helicopter Forecast C&P untapped demand is rising Key world economies are still underequipped TOP 10 Countries in 2016 ( H/C fleet in service) U.S.A. Russia Canada Brazil Australia United Kingdom
More informationGlobal Economic Outlook
Global Economic Outlook Will the growth continue and at what pace? Latin American Conference São Paulo August 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary Information
More informationForeign Direct Investment in the United States. Organization for International Investment
Foreign Direct Investment in the United States Organization for International Investment March 14, 2012 FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Key Findings Foreign Direct Investment in the United
More informationGDP projections for major economies
GDP projections for major economies 214-215 214 215 Australia 2.6% 2.7% Emerging markets 4.9% 5.2% Euro area 1.2% 1.5% Japan 1.4% 1.% United Kingdom 2.9% 2.5% United States 2.8% 3.% Source: IMF WEO. BRIC
More informationTHE STATE OF THE ECONOMY
THE STATE OF THE ECONOMY ANGELA GUO Portland State University The United States economy in the fourth quarter of 2013 appears to have a more robust foothold pointing to a healthier outlook for 2014. Much
More informationGlobal Economic Outlook
Global Economic Outlook Will growth continue and at what pace? International Containerboard Conference Chicago November 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary
More informationGlobal Travel Service
15 Nov 2018 Global Travel Service Global Highlights, November 2018 Economists Adam Sacks President of Tourism Economics asacks@oxfordeconomics. com David Goodger Director of Tourism Economics dgoodger@oxfordeconomi
More information2015 CONTAINER SHIPPING OUTLOOK. By Mario O. Moreno Economist, JOC, IHS
2015 CONTAINER SHIPPING OUTLOOK By Mario O. Moreno Economist, JOC, IHS Weak 2015 Outlook for U.S. Container Trade 2015 imports forecast downgraded on severity of West Coast port congestion, weak January
More informationBy Philippe Guinaudeau June 2008
By Philippe Guinaudeau June 2008 Content What happened in the world of NPD Toy Markets in the World Top 10 Countries Evaluating the future Summary 2 Australia, Austria, Belgium, France, Germany, Italy,
More informationShort-term momentum: Will it be sustained?
OECD INTERIM ECONOMIC OUTLOOK Projections published:20 Sept Short-term momentum: Will it be sustained? David TURNER Project LINK Meeting, UNCTAD in Geneva Oct 3-5, 2017 www.oecd.org/economy/economicoutlook.htm
More informationTrade and Economic Trends Evolving Patterns and Attitudes
Trade and Economic Trends Evolving Patterns and Attitudes Paul Bingham AAPA Marine Terminal Management Training Program Long Beach California October 1, 2018 World Economic Growth Increasing Emerging Markets
More informationThe Global Aging Preparedness Index
The Global Aging Preparedness Index 2 nd Edition Richard Jackson Senior Associate Center for Strategic & International Studies International Longevity Centre Roundtable May 6, 2014 London GAPINDEX.CSIS.ORG
More informationExecutive Summary. The Transatlantic Economy Annual Survey of Jobs, Trade and Investment between the United States and Europe
The Transatlantic Economy 2011 Annual Survey of Jobs, Trade and Investment between the United States and Europe Daniel S. Hamilton Daniel S. Hamilton and Joseph P. Quinlan and Joseph P. Quinlan Center
More informationGlobal Consumer Confidence
Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 4TH QUARTER 2017 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and
More informationEconomic Outlook In the Shoes of an FOMC Member
Economic Outlook In the Shoes of an FOMC Member This material must be read in conjunction with the disclosure statement. 9 April 2018 PRESENTED BY: MARKUS SCHOMER Chief Economist PineBridge Investments
More informationGlobal Economic Prospects: A Fragile Recovery. June M. Ayhan Kose Four Questions
//7 Global Economic Prospects: A Fragile Recovery June 7 M. Ayhan Kose akose@worldbank.org Four Questions How is the health of the global economy? Recovery underway, broadly as expected How important is
More informationWORLD ECONOMIC OUTLOOK January 2018 Research Department, International Monetary Fund
WORLD ECONOMIC OUTLOOK January 2018 Research Department, International Monetary Fund Global activity has gained further momentum Global growth picked up further in 2017H2; outlook is for higher annual
More informationThe Outlook for the World Economy
AIECE General Meeting Brussels, 14/15 November 218 The Outlook for the World Economy Downward risks are rising Klaus-Jürgen Gern Kiel Institute for the World Economy Forecasting Center Global growth has
More informationHighlights and key messages for business and public policy
Highlights and key messages for business and public policy Key projections 2018 2019 Real GDP growth 1.5% 1.6% Consumer spending growth 1.1% 1.3% Inflation (CPI) 2.7% 2.3% Source: PwC main scenario projections
More informationGlobal Economic Outlook John Hawksworth Chief Economist, PwC September 2012
www.pwc.co.uk/economics Global Economic Outlook John Hawksworth Chief Economist, September 2012 Agenda Global overview Short term prospects for Europe, US and BRICs Long term trends: demographics, growth
More information1st Quarter Revenue. April 22, 2010
1st Quarter Revenue April 22, 2010 Disclaimer This presentation contains forward looking statements. The use of the words "aim(s)," "expect(s)," "feel(s)," "will," "may," "believe(s)," "anticipate(s)"
More informationMarket Allocation Platform Guiding investment decisions to maximize ROI. Tourism Economics
Market Allocation Platform Guiding investment decisions to maximize ROI Tourism Economics core services Travel data and forecasts for 190 countries, 50 states, and 300 cities Policy analysis and recommendations
More informationThe Prospects Service
The Prospects Service LEADING ECONOMIC ANALYSIS, FORECASTS AND DATA Global Prospects, September 2017 Toplines The combination of rising consumer confidence, low borrowing costs and declining unemployment
More informationY qué está pasando en Brasil?
Y qué está pasando en Brasil? Ilan Goldfajn Chief Economist and Partner, Itaú Unibanco August, 2013 Summary Why has the Brazilian economy decelerated? The low growth and full employment paradox (new middle
More informationWTO lowers forecast after sub-par trade growth in first half of 2014
PRESS RELEASE PRESS/722 26 September 214 (-) WTO lowers forecast after sub-par trade growth in first half of 214 TRADE STATISTICS WTO economists have reduced their forecast for world trade growth in 214
More informationGLOBAL EQUITY MARKET OUTLOOK
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS 2017 was an excellent year for international equities, particularly EM. We favor the United States and EM equities for tactical global asset allocations
More informationIMF forecasts India s GDP growth to improve from 6.7% in FY2018 to 7.4% in FY2019 : World Economic Outlook
All Members, IMF forecasts India s GDP growth to improve from 6.7% in FY2018 to 7.4% in FY2019 : World Economic Outlook International monetary fund (IMF) in its latest update on World Economic Outlook
More informationOverview of Demographic Dividend. Andrew Mason Demographic Dividend Working Group Barcelona, Spain June 5 8, 2013
Overview of Demographic Dividend Andrew Mason Demographic Dividend Working Group Barcelona, Spain June 5 8, 2013 First Demographic Dividend At an early stage of [demographic] transition, fertility rates
More informationForeign Direct Investment in the United States 2013 Preliminary Data. Organization for International Investment (OFII)
Foreign Direct Investment in the United States 2013 Preliminary Data Organization for International Investment (OFII) Key Findings: Foreign Direct Investment in the United States, 2003-2013 1 Foreign direct
More informationLeumi. Global Economics Monthly Review. Arie Tal, Research Economist. May 8, The Finance Division, Economics Department. leumiusa.
Global Economics Monthly Review May 8, 2018 Arie Tal, Research Economist The Finance Division, Economics Department Leumi leumiusa.com Please see important disclaimer on the last page of this report Key
More informationPower of Travel Promotion Evolution
Power of Travel Promotion Evolution Promotion More Important than Ever Power of Promotion $7 million Median state = marketing budget FY 2014-15 OR 45 seconds worth of Super Bowl ads $100 million = Presidential
More informationAir travel markets over the next two decades
Air travel markets over the next two decades October 2016 Brian Pearce Chief Economist, IATA We ve enjoyed a long period of above-trend air travel growth 30% Growth in worldwide RPKs 25% 20% 15% 7 years
More informationWorld Economy Geopolitics Investment Strategy. The Impact of EU s Sovereign Risks on Turkish Economy. Presentation given by
World Economy Geopolitics Investment Strategy OUTLOOK FOR WORLD S MAJOR FINANCIAL MARKETS The Impact of EU s Sovereign Risks on Turkish Economy Presentation given by Dr. Michael Ivanovitch, President MSI
More informationGBTA BTI Outlook: Brasil
GBTA BTI Outlook: Brasil 2 nd Half - 2016 Agenda GBTA BTI Outlook Brazil: Overview Methodology GBTA BTI : Global Context Brazil Business Travel Spending Details 2 Overview In 2017, completed 8 th Global
More informationGlobal Health Insurance Market 2019 by Company, Regions, Type and Application, Forecast to 2024
Report Information More information from: https://www.wiseguyreports.com/reports/3735084-global-health-insurance-market-2019-by-companyregions Global Health Insurance Market 2019 by Company, Regions, Type
More informationEconomic outlook Thoughts on what to expect in Dr. Ira Kalish Chief Global Economist, Deloitte
Economic outlook Thoughts on what to expect in 2018 Dr. Ira Kalish Chief Global Economist, Deloitte USA Strong job market Full employment Employment rising faster than needed to absorb new entrants into
More informationGlobal Economic Prospects
Global Economic Prospects Back from the Brink? Andrew Burns World Bank Prospects Group April 12, 212 1 Amid some signs of improvement, global recovery remains fragile First quarter of 212 has been generally
More informationGlobal Economic Prospects
Global Economic Prospects Assuring growth over the medium term Andrew Burns DEC Prospects Group January 213 1 Despite better financial conditions, stronger growth remains elusive More than 4 years after
More informationGlobal Economy & the Machine Tool Outlook. Jan 2010 Rhys Herbert
Global Economy & the Machine Tool Outlook Jan 21 Rhys Herbert rherbert@oxfordeconomics.com Which scenario do you favour? Short-term outlook (a) W -shaped cycle Growth initially boosted by inventory rebuild
More informationManpowerGroup Employment Outlook Survey Global
ManpowerGroup Employment Outlook Survey Global 1 218 ManpowerGroup interviewed nearly 59, employers across 43 countries and territories to forecast labor market activity in Quarter 1 218. All participants
More informationHow Global Aging Will Transform the Economy, Society, and Geopolitical Order of the 21 st Century
How Global Aging Will Transform the Economy, Society, and Geopolitical Order of the 21 st Century Richard Jackson President Global Aging Institute LONGEVITY 13 Taipei September 21, 2017 The world stands
More informationJuly 26, 2017 LafargeHolcim Ltd 2015
Second Quarter 2017 Results Beat Hess, Chairman and Interim CEO Roland Köhler, Interim COO and Regional Head of Europe, Australia/NZ & Trading Ron Wirahadiraksa, CFO July 26, 2017 LafargeHolcim Ltd 2015
More informationGlobal Economic Outlook
Global Economic Outlook Will growth continue and at what pace? North American Conference San Francisco October 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary Information
More informationGlobal Economy is Expected to Grow by 3.4 % in 2016 GDP growth in 2016, %
Russia Brazil Mexico Rest of Latin America Rest of Eastern Europe Middle East and Africa Global Economy is Expected to Grow by 3.4 % in 216 GDP growth in 216, % 9 8 7 6 5 4 3 2 1-1 -2-3 -4 North America
More informationReview and Outlook. Review of 2011 and Outlook for the Coming Year
Review and Outlook Review of 2011 and Outlook for the Coming Year Overview Review of world economy in 2011 Review of world markets in 2011 Review of Eurozone conditions i and implications for investment
More informationHow Global Aging Will Transform the Economy and Society of the 21 st Century
Keynote 2 How Global Aging Will Transform the Economy and Society of the 21 st Century Richard Jackson President Global Aging Institute The world stands on the threshold of a stunning demographic transformation
More informationDomestic and Foreign Debt: Global Projections to 2050
Domestic and Foreign Debt: Global Projections to 2050 John L Perkins National Institute of Economics and Industry Research, Melbourne. Project LINK, 26 October 2011 Outline Long term model features Government
More informationHUGO BOSS First Nine Months Results 2011
HUGO BOSS First Nine Months Results 2011 Mark Langer (CFO) November 2, 2011 Conference Call, First Nine Months Results 2011 HUGO BOSS November 2, 2011 2 / 30 AGENDA OPERATIONAL HIGHLIGHTS FIRST NINE MONTHS
More informationTrade and Globalization: Recent Trends and Future Prospects
Trade and Globalization: Recent Trends and Future Prospects Warwick J. McKibbin, AO Vice Chancellor s Chair in Public Policy Director, Centre for Applied Macroeconomic Analysis, Crawford School of Public
More informationThe Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 2009
The Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 29 Anoop Singh Asia and Pacific Department IMF 1 Five key questions
More informationOlivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund
Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord
More informationWill Trump s tariffs topple U.S. growth?
Capital market insights Conversation guide June 2018 Will Trump s tariffs topple U.S. growth? Global investors had plenty of reasons to worry over the last month including fresh doubts about the European
More informationProgress towards Strong, Sustainable and Balanced Growth. Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction)
Progress towards Strong, Sustainable and Balanced Growth Figure 1: Recovery from Financial Crisis (100 = First Quarter of Real GDP Contraction) Source: OECD May 2014 Forecast, Haver Analytics, Rogoff and
More informationSPANISH EXTERNAL SECTOR AND COMPETITIVENESS: SOME HIGHLIGHTS
SPANISH EXTERNAL SECTOR AND COMPETITIVENESS: SOME HIGHLIGHTS Summary Spain has significantly increased its trade openness in the last two decades Despite the global crisis and increased competition from
More informationGlobal Macro Outlook Subdued Growth, Tail Risks Diminishing ANNE VAN PRAAGH, MANAGING DIRECTOR, SOVEREIGN RATINGS
Global Macro Outlook 2014-15 Subdued Growth, Tail Risks Diminishing ANNE VAN PRAAGH, MANAGING DIRECTOR, SOVEREIGN RATINGS OCTOBER, 2014 Agenda 1. Economic Strength: o Global Growth Lower, But EMs Approaching
More informationCEOs confidence rises for 2014
News release Date 21 January, 2014 Contact Jonathan Hicks, PwC Tel: 1-441-299-7182/1-441-505-6050 e-mail: jonathan.p.hicks@bm.pwc.com Pages 5 Marina Mello, PwC Tel: 1-441-299-7184/1-441-505-3127 e-mail:
More informationGlobal PMI. Global economic growth kicks higher at start of fourth quarter but outlook darkens. November 14 th 2016
Global PMI Global economic growth kicks higher at start of fourth quarter but outlook darkens November 14 th 2016 2 Global PMI at 11-month high in October Global economic growth kicked higher at the start
More informationFinancial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: FurtherStock Gains Likely, Year-end Target Raised. Bond Under Pressure
More informationBalancing Adequacy and Sustainability Insights from the Global Aging Preparedness Index
Parallel Session 3B Balancing Adequacy and Sustainability Insights from the Global Aging Preparedness Index Richard Jackson President Global Aging Institute Global aging will challenge the ability of societies
More informationForeign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis
Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis Nihal Bayraktar Pennsylvania State University Harrisburg June 27, 2011 Introduction FDI has been seen as
More informationA delicate equilibrium: IHS Jane's annual defence spending review
Jane's Defence Weekly [Content preview Subscribe to IHS Jane s Defence Weekly for full article] A delicate equilibrium: IHS Jane's annual defence spending review The year 2014 represented an important
More informationEconomic Outlook. Macro Research Itaú Unibanco
Economic Outlook Macro Research Itaú Unibanco June, 2013 Agenda Economia Global Heterogeneous growth: U.S. growing faster, Europe in recession. Deceleration in the emerging economies. The Fed signals a
More informationHow Global Aging Will Reshape the Geopolitical Landscape of the 21 st Century
How Global Aging Will Reshape the Geopolitical Landscape of the 21 st Century Richard Jackson President Global Aging Institute CSBA Secretary of Defense Executive Fellows Program Washington, DC July 9,
More informationExchange Traded Funds (ETFs): The New Packaged Product of Choice
Financial Institutions Profiles Series Exchange Traded Funds (ETFs): The New Packaged Product of Choice (Table of Contents) April 20, 2017 TABLE OF CONTENTS Evolution of the Exchange Traded Funds (ETFs)
More informationThe Return on Investment of Brand USA Marketing Fiscal Year Analysis
The Return on Investment of Brand USA Marketing 2013 Fiscal Year Analysis Contents Executive Summary... 3 1 The Need for Destination Marketing... 5 1.1 Fragmentation of the tourism sector... 6 1.2 The
More informationSummary. Economic Update 1 / 7 May Global Global GDP growth is forecast to accelerate to 2.9% in 2017 and maintain at 3.0% in 2018.
Economic Update Economic Update 1 / 7 Summary 2 Global Global GDP growth is forecast to accelerate to 2.9% in 2017 and maintain at 3.0% in 2018. 3 Eurozone The eurozone s recovery appears to strengthen
More information(cpt) (jhb) (w) (e)
Net An Emerging Introduction Replacement Markets: to Ratio Private Alpha Equity enhancing? 01 01 01 Emerging Markets: Alpha enhancing? 02 Emerging Markets: Alpha enhancing? GraySwan Research November 2013
More information2008 Economic and Market Outlook
Economic and Market Outlook Presented by: Gareth Watson Warren Jestin Vincent Delisle December 7 Economic Outlook Warren Jestin The Global Economic Landscape is Changing Rapidly Gears Down Emerging Powerhouses
More informationManpowerGroup Employment Outlook Survey Netherlands
ManpowerGroup Employment Outlook Survey Netherlands 1 218 The ManpowerGroup Employment Outlook Survey for the first quarter 218 was conducted by interviewing a representative sample of 754 employers in
More informationReverse Innovation in Financial Services A 10 Year Outlook
Reverse Innovation in Financial Services A 10 Year Outlook Authors note Global Growth Markets (GGMs) have no legacy, little infrastructure and as a consequence, a very high level of unbanked consumers,
More informationGlobal Investment Outlook & Strategy
PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy February 2017 Global Stock Market Rally likely to Continue with Solid Q4 Earnings & Stronger 2017 Earnings, ECB
More informationEmerging market equities
November 22, 2010 Emerging market equities Jean-Pierre Talon, FSA, FICA Introduction Focus of this presentation is to set out the rationale for a strategic bias toward emerging market equities Consider
More informationMonthly Economic Insight
Monthly Economic Insight Prepared by : TMB Analytics Date: 22 February 2018 Executive Summary Synchronized global economic growth continued to brighten global economic outlook and global trade outlook.
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationUPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES. April 26, 2009
UPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES April 26, 2009 This note provides an update of information in the paper, The State of Public Finances: Outlook and Medium-Term Policies After the
More informationProgress Towards Strong, Sustainable, and Balanced Growth. Figure 1: Recovery From Financial Crisis (100 = First Quarter of Real GDP contraction)
Progress Towards Strong, Sustainable, and Balanced Growth Figure 1: Recovery From Financial Crisis ( = First Quarter of Real GDP contraction) 13 125 196-26 AE Recessions' Range*** 196-26 AE Recessions**
More informationSession 11. Fiscal Policy
Session 11. Fiscal Policy Government size Budget balances Fiscal Policy over the business cycle Debt and sustainability Understanding Fiscal Policy: Government size Government size varies across countries.
More informationManpower Employment Outlook Survey Global
Manpower Employment Outlook Survey Global 3 216 Global Employment Outlook ManpowerGroup interviewed nearly 59, employers across 43 countries and territories to forecast labor market activity in Quarter
More informationDistribution Channels for Travel Insurance and Assistance: Finding the Right Mix for European Markets
Distribution Channels for Travel Insurance and Assistance: Finding the Right Mix for European Markets Presentation at the Uniglobal Travel Insurance Forum Prague, December 5 th 6 th 2013 Finaccord Ltd.,
More informationWebinar: Credit crunch China and forward guidance in the UK why does it matter?
Webinar: Credit crunch China and forward guidance in the UK why does it matter? Simon Thompson, ICAEW Charles Davis, Cebr Making sense of the economic outlook Simon Thompson, Head of Corporate Communications
More informationAmerican Association of Port Authorities 2015 Marine Terminal Management Training Paul Bingham, Economic Development Research Group
American Association of Port Authorities 2015 Marine Terminal Management Training Paul Bingham, Economic Development Research Group Long Beach, CA September 14, 2015 2 The Economic Forecast is for Slow
More informationU.S. Economic Outlook STEVE COCHRANE, MANAGING DIRECTOR
U.S. Economic Outlook STEVE COCHRANE, MANAGING DIRECTOR Recessions Are Few and Far Between Business cycle status, January 2017 Source: Moody s Analytics Recession At Risk Recovery Expansion Wage Growth
More informationPicture area. HSBC Commercial Banking. Citibank Investor Presentation. Alan Keir Group Managing Director and Global Head, Commercial Banking
Picture area HSBC Commercial Banking Citibank Investor Presentation Alan Keir Group Managing Director and Global Head, Commercial Banking March 2012 Forward-looking statements This presentation and subsequent
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationEconomic Outlook. Lauren Bresnahan, Ph.D. Deputy Chief Economist, KPMG May 17, 2018
Economic Outlook Lauren Bresnahan, Ph.D. Deputy Chief Economist, KPMG lbresnahan@kpmg.com May 17, 2018 Today s Outline 1 Global Economic Backdrop 2 U.S. Economic Backdrop 3 Economic Outlook 4 Economic
More informationHSBC Trade Connections: Trade Forecast Quarterly Update October 2011
HSBC Trade Connections: Trade Forecast Quarterly Update October 2011 New quarterly forecast exploring the future of world trade and the opportunities for international businesses World trade will grow
More information2010 Results. Paris - March 2, 2011
2010 Results Paris - March 2, 2011 > Highlights of 2010 > Financial results > Strategy and outlook 2010 Results 2 2010: A Year of Acceleration Highlights of 2010 Revenue of 3,892m, up 19.1% Operating profit
More informationStudy Questions. Lecture 1 Overview of the World Economy
Study Questions (with Answers) Page 1 of 5 (6) Study Questions Lecture 1 of the World Economy Part 1: Multiple Choice Select the best answer of those given. 1. How many countries are there in the world?
More informationGlobal economic overview and the new oil price environment
IHS AUTOMOTIVE Presentation Global economic overview and the new oil price environment IHS Automotive Conference Tokyo 5 March 215 ihs.com Sara Johnson, Senior Research Director, Global Economics +1 781
More informationCalifornia Travel & Tourism Outlook. April 2011
California Travel & Tourism Outlook April 2011 Forecast Overview California visits rebounded in 2010: Visitor volumes rose across all measured segments business and leisure, domestic and international.
More informationeregionaloutlooksincharts
eregionaloutlooksincharts (clickonregion) EastAsiaandPaci c EuropeandCentralAsia LatinAmericaandtheCaribbean MiddleEastandNorthAfrica SouthAsia Sub-SaharanAfrica The Economic Outlook for East Asia and
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy October 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More information