International economic outlook quarterly September 2013: advanced economies advance

International economic outlook quarterly September 2013: advanced economies advance
Document type
Report
Corporate author(s)
Confederation of British Industry
Publisher
CBI
Date of publication
1 September 2013
Series
International Economic Outlook Quarterly. September 2013
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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The CBI's International Economic Outlook is published on a quarterly basis, giving up-to-the-minute, authoritative commentary and analysis of the international economy.

This issue reports that growth momentum in advanced economies remains encouraging. In the US, strengthening private sector demand continues to offset retrenchment in the public sector, and Japan’s economy has received considerable support from large-scale fiscal and monetary stimulus. Furthermore, the Eurozone exited recession in the second quarter. However, performance was unbalanced across member countries, and headwinds from poor credit conditions and disinflationary pressures in periphery states will limit the pace of expansion going forward.

In the UK, recent indicators suggest that the recovery is continuing to gather pace into the second half of 2013. As a result, the CBI have revised up its GDP growth forecasts for 2013 and 2014 (to 1.2% and 2.3%), reflecting improvements in business and consumer confidence and better credit conditions. However, the building recovery in advanced economies has been offset by a disappointing performance among major emerging markets. Many have seen sharp falls in their currencies which, in some instances, has forced a tightening in monetary policy (notably in India). Alongside lingering structural issues, this could further constrain the pace of growth going forward.

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