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Annual Report

Global economic development

Our plans assume that the global economy will continue to grow. We expect the strongest growth in the emerging economies of Asia and Latin America. The large industrialized nations will only grow moderately in the medium term.

North America

For the USA, we predict that growth will increase year-on-year in 2011 and 2012. Following a slight decline in the rate of GDP growth in 2011, we expect the Canadian economy to show a strong upward trend again in 2012. Growth in the Mexican economy will weaken in 2011 and 2012 compared with the reporting period, but still remain strong.

South America

Growth in Brazil and Argentina may be lower in 2011 and 2012 than in the reporting period, but will still be above-average compared with international trends.

Asia-Pacific

China’s highly dynamic growth will also continue in the medium-term. By contrast, Japan can only expect low growth with continuing deflationary trends in 2011 and 2012. The strong upward trend in India will continue in 2011 and the following years.

Europe/Remaining markets

Most countries in Western Europe are expected to record only moderate growth in 2011 and 2012. The growth process in this period in Central and Eastern Europe will be noticeably more dynamic.

The conditions for stable growth for the South African economy in 2011 and 2012 are positive.

Germany

German economic output will only record a moderate increase in 2011 and 2012 following very strong growth in the reporting period. However, the labor market will develop positively for the time being.

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