The global outlook is still very uncertain going into 2012. While the US appears to have weathered its recession and is set to consolidate its recovery, we are concerned that in China a correction is imminent in some sectors, which would slow expansion in one of the key engines of global growth. In Europe, meanwhile, December’s summit agreement amongst the euro-zone countries is unlikely to stop the EU entering a recession in early 2012.

China  

The authorities quickly switch to monetary loosening as signs of an economic slowdown arrive.    

Germany 

The disappointing results of the latest EU summit darken the country's gloomy outlook.     

Venezuela

Although growth remains healthy, economic prospects for 2012 are deteriorating.