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1、ECONOMICSNovember2017ImportantNotice:ThecircumstancesinwhichthispublicationhasbeenproducedaresuchthatitisnotappropriatetocharacteriseitasindependentinvestmentresearchasreferredtoinMiFIDandthatitshouldbetreatedasamarketingcommunicationevenifitcontainsaresearchrecommendation.Thispublicationis
2、alsonotsubjecttoanyprohibitionondealingaheadofthedisseminationofinvestmentresearch.However,SGisrequiredtohavepoliciestomanagetheconflictswhichmayariseintheproductionofitsresearch,includingpreventingdealingaheadofinvestmentresearch.Semi-annualExtractfromareportGlobalEconomicOutlookSurfingthe
3、globalexpansion?iStockGrowthmomentumstillsurprisingontheupsideBusinessinvestmentrecoveryhasalongwaytogoTheglobaltraderecoveryhaslegsWageconundruminpartinflation-relatedPleaseseeimportantdisclaimeranddisclosuresattheendofthedocumentThisdocument,publishedon24-Nov-2017at4:16PMCET,isbeingprovid
4、edfortheexclusiveuseofKIYOKOKATAHIRA(SGCIB)GlobalEconomicOutlookPageleftblankintentionallyNovember20172Thisdocument,publishedon24-Nov-2017at4:16PMCET,isbeingprovidedfortheexclusiveuseofKIYOKOKATAHIRA(SGCIB)GlobalEconomicOutlookTABLEOFCONTENTSSummarySurfingtheglobalexpansion.................
5、......................................................................................................................5SGvsconsensusAbovegrowthconsensusoneuroarea,Australia,Taiwan,...belowonChina,US,UKandLatam...................6SGswanchartDownsideriskprobabilitiesmostlydowngraded,butstilli
6、nthemajority.............................................................11SGgrowthandinflationoutlook.....................................................................................................................................................14SGunemploymentandcurrentaccountoutlook
7、............................................................................................................................15SGmonetarypolicyoutlook–Keyrates................................................................................................
