Deutsche Bank

Annual Report 2015

The Global Economy

Economic growth (in %)

2015

2014

Main driver

Source: National authorities

1

2015 data is sourced from Deutsche Bank Research forecasts.

Global Economy1

3.1

3.4

Global economic growth faltered during 2015 due to the slowdown in emerging markets, whose growth was dampened mainly by structural weaknesses and the weak oil price. The industrialized countries, by contrast benefited on balance from the low oil price and expansionary monetary policy, with the result that their growth rates picked up slightly. High debt levels and generally weak global trade weighed on growth, however.

Thereof:

 

 

Industrialized countries1

1.8

1.7

Thereof: Emerging markets1

4.1

4.7

Eurozone Economy

1.5

0.9

Support from low oil prices and extremely expansionary monetary policy
Strong growth in consumption, but external headwinds held back investment growth

Thereof: German economy

1.7

1.6

U.S. Economy

2.4

2.4

Strong U.S.-$ is negative for export-oriented sectors, negative inventory cycle, solid performance by domestic economy

Japanese Economy

0.5

(0.1)

Stockbuilding and net exports boosted growth

Asian Economy1

6.2

6.4

Weak demand from China and the industrialized countries
Slowdown in the growth of exports and investment was partly offset by higher consumption

Thereof: Chinese Economy

6.9

7.3