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A look at India and world's major economies

Last updated on: February 11, 2013 07:44 IST

Image: A model holds a glass of red wine during the Vinitaly wine expo in Verona, Italy.
Photographs: Stefano Rellandini/Reuters

Citi recently published its 48-page "Global Economic Outlook and Strategy" report, which provides up-to-date commentary and forecasts for the major economies covered by the bank's army of economists'.

The team breaks down what's going on in each economy, and gives GDP growth forecasts through 2016.

Let's take a look at how India and world's major economies will perform in the next four years.

Click NEXT to see how India's economy will perform...
Tags: India , GDP

A look at India and world's major economies

Image: Tourists carry earthen pitchers on their heads as they participate in the 'Matka Race' competition as part of the International Camel Festival at Ladera village, near Bikaner, Rajasthan.
Photographs: Stringer/Reuters

India

GDP growth forecast in 2013: 6.2 per cent

GDP growth forecast in 2014: 6.9 per cent

GDP growth forecast in 2015: 7.3 per cent

GDP growth forecast in 2016: 7.4 per cent

India's economy will chug along, gaining momentum towards the end of 2014.

Click NEXT to see how China's economy will perform...

Tags: GDP , India , China

A look at India and world's major economies

Image: A woman shops in a Louis Vuitton store in Shanghai.
Photographs: Carlos Barria/Reuters

China

GDP growth forecast in 2013: 7.8 per cent

GDP growth forecast in 2014: 7.3 per cent

GDP growth forecast in 2015: 7.0 per cent

GDP growth forecast in 2016: 7.5 per cent

A declining working age will put downwards pressure on growth, as it will have profound impacts on labour costs and supply in the long run.

Click NEXT to see how the United States's economy will perform...

A look at India and world's major economies

Image: People carry shopping bags as they make their way in Herald Square in New York City.
Photographs: Keith Bedford/Reuters

The United States

GDP growth forecast in 2013: 1.9 per cent

GDP growth forecast in 2014: 3.1 per cent

GDP growth forecast in 2015: 3.5 per cent

GDP growth forecast in 2016: 4.0 per cent

Slow but steady growth will mean that inflation will remain stable.

Click NEXT to see how the United Kingdom's economy will perform...

A look at India and world's major economies

Image: Pedestrians walk along Oxford Street in London.
Photographs: Paul Hackett/Reuters

The United Kingdom

GDP growth forecast in 2013: 0.4 per cent

GDP growth forecast in 2014: 0.7 per cent

GDP growth forecast in 2015: 1.3 per cent

GDP growth forecast in 2016: 1.5 per cent

The economy faces persistent headwinds from private deleveraging, poor credit availability, structural export weakness and the EMU crisis, while fiscal drag is increasing this year, says Citi.

Click NEXT to see rest of the countries...

A look at India and world's major economies

Image: Amateurs prepare for Pillow Fight League as referee Sarah Bellum, right, watches during a late night event in Toronto.
Photographs: JP Moczulski/Reuters

Canada

GDP growth forecast in 2013: 1.8 per cent

GDP growth forecast in 2014: 2.7 per cent

GDP growth forecast in 2015: 3.2 per cent

GDP growth forecast in 2016: 3.3 per cent

Weak global demand and competition are putting a damper on exports, and housing moderation and fiscal consolidation are capping domestic demand.

...

Tags: GDP , India , Canada

A look at India and world's major economies

Image: A couple walk in Plaza Garibaldi in Mexico City.
Photographs: Daniel Aguilar/Reuters

Mexico

GDP growth forecast in 2013: 3.6 per cent

GDP growth forecast in 2014: 3.8 per cent

GDP growth forecast in 2015: 4 per cent

GDP growth forecast in 2016: 3.8 per cent

Growth will be dependent on how well Mexico's Congress implements structural reforms, which may materialise in the second half of 2013.

...

Tags: GDP , Mexico , Congress , India

A look at India and world's major economies

Image: Women in wedding gowns jump on the street during a 'Parade of Brides' in Sao Paulo.
Photographs: Nacho Doce/Reuters

Brazil

GDP growth forecast in 2013: 3.1 per cent

GDP growth forecast in 2014: 4.2 per cent

GDP growth forecast in 2015: 3.5 per cent

GDP growth forecast in 2016: 3.5 per cent

Power rationing is putting an upwards pressure on inflation, and fiscal policy measures are proving to be ineffective.

...

Tags: GDP , Power , Brazil , India

A look at India and world's major economies

Image: Women walk with polo magazines at the Campo Argentino de Polo in the Buenos Aires.
Photographs: Enrique Marcarian/Reuters

Argentina

GDP growth forecast in 2013: 3.0 per cent

GDP growth forecast in 2014: 3.0 per cent

GDP growth forecast in 2015: 2.0 per cent

GDP growth forecast in 2016: Minus 2.0 per cent

Citi says that even though real GDP growth fell in 2012, compared to 2011 (based on an in-house real GDP estimator), growth will likely pick up in 2013.

...

Tags: GDP , Citi , India , Argentina

A look at India and world's major economies

Image: People have a drink at 360, a three-tiered rooftop bar, in Caracas.
Photographs: Jorge Silva/Reuters

Venezuela

GDP growth forecast in 2013: 2.0 per cent

GDP growth forecast in 2014: 2.0 per cent

GDP growth forecast in 2015: 3.1 per cent

GDP growth forecast in 2016: 2.5 per cent

Required economic measures will not take place until this uncertainty is resolved, and inflation will return to the 25 per cent mark, says Citi.

...

Tags: GDP , Citi , Venezuela , India

A look at India and world's major economies

Image: A woman cools off in the pool of a fountain on a hot summer day in Berlin.
Photographs: Alex Domanski/Reuters

Germany

GDP growth forecast in 2013: 0.5 per cent

GDP growth forecast in 2014: 0.5 per cent

GDP growth forecast in 2015: 1.0 per cent

GDP growth forecast in 2016: 2.3 per cent

The economy is likely to benefit from a modest recovery in exports and limited financial easing. This year is an election year, and Citi expects that Angela Merkel will remain Chancellor, but with a different coalition partner.

...

A look at India and world's major economies

Image: Tourists walk through artificial fog at the Miroir d'Eau (Mirror of Water), a public art piece on the quay of the Garonne River in Bordeaux.
Photographs: Gelu Sulugiuc/Reuters

France

GDP growth forecast in 2013: Minus 0.2 per cent

GDP growth forecast in 2014: 0.2 per cent

GDP growth forecast in 2015: 1.0 per cent

GDP growth forecast in 2016: 1.5 per cent

Citi says France's economy has seen slight cyclical deterioration in the last quarter.

...

Tags: GDP , France , Citi , India

A look at India and world's major economies

Image: A woman rides a bicycle in front of the Duomo cathedral in downtown Milan.
Photographs: Alessandro Garofalo/Reuters

Italy

GDP growth forecast in 2013: Minus 1.4 per cent

GDP growth forecast in 2014: Minus 1.4 per cent

GDP growth forecast in 2015: 0.3 per cent

GDP growth forecast in 2016: 0.2 per cent

Elections uncertainty will weigh on investment decisions, and it's quite likely that Italy will need external financial assistance within the year.

...

Tags: GDP , Italy , India

A look at India and world's major economies

Image: Women wearing Sevillana dresses take part in the April fair in Seville.
Photographs: Javier Barbancho/Reuters

Spain

GDP growth forecast in 2013: Minus 2.2 per cent

GDP growth forecast in 2014: Minus 2.0 per cent

GDP growth forecast in 2015: 0.6 per cent

GDP growth forecast in 2016: 1.2 per cent

Banks will likely need to recapitalise, thanks to rising unemployment and non-performing loans. Debt restructuring is inevitable.

...

Tags: GDP , Spain , India

A look at India and world's major economies

Image: A woman walks outside a National Bank of Greece branch in central Athens.
Photographs: John Kolesidis/Reuters

Greece

GDP growth forecast in 2013: Minus 6.5 per cent

GDP growth forecast in 2014: Minus 11.5 per cent

GDP growth forecast in 2015: 3.6 per cent

GDP growth forecast in 2016: 1.6 per cent

Only a major write-off in the euro area would make Greece's debt sustainable. Fiscal tightening will cost Greece around five per cent in GDP in 2013, and 2.2 per cent in 2014.

...

Tags: GDP , Greece , India

A look at India and world's major economies

Image: A woman cycles past the 'Coffee To Get Her' restaurant near Dublin city centre, which becomes a bar and club in the evenings.
Photographs: Cathal McNaughton/Reuters

Ireland

GDP growth forecast in 2013: 0.5 per cent

GDP growth forecast in 2014: 1.5 per cent

GDP growth forecast in 2015: 0.9 per cent

GDP growth forecast in 2016: 1.6 per cent

Upwards revisions to the first three quarters indicate that Ireland's not do quite so badly. Ireland too will require some form of debt restructuring.

...

Tags: GDP , Ireland , India

A look at India and world's major economies

Image: A woman walks her dog in Lisbon.
Photographs: Rafael Marchante/Reuters

Portugal

GDP growth forecast in 2013: Minus 3.7 per cent

GDP growth forecast in 2014: Minus 2.8 per cent

GDP growth forecast in 2015: Minus 0.3 per cent

GDP growth forecast in 2016: 0.9 per cent

Portugal will need additional bailout funds after the current programme ends in mid-2014, says Citi.

...

Tags: GDP , Citi , Portugal , India

A look at India and world's major economies

Image: A woman rides her bicycle in Amsterdam.
Photographs: Michael Kooren/Reuters

The Netherlands

GDP growth forecast in 2013: Minus 0.9 per cent

GDP growth forecast in 2014: 0.3 per cent

GDP growth forecast in 2015: 1.0 per cent

GDP growth forecast in 2016: 1.2 per cent

Citi says the hike in VAT in October caused the Netherlands to go back into recession, and that the rising unemployment and falling home prices aren't helping any.

...

Tags: GDP , VAT , Citi , Netherlands

A look at India and world's major economies

Image: Women help each other to cross a square during strong wind in central Brussels.
Photographs: Yves Herman/Reuters

Belgium

GDP growth forecast in 2013: Minus 0.3 per cent

GDP growth forecast in 2014: 0.3 per cent

GDP growth forecast in 2015: 1.2 per cent

GDP growth forecast in 2016: 1.5 per cent

Citi says the Belgium economy probably experienced a double dip in the second half of 2012, and that the economy will continue to contract through 2013.

...

Tags: GDP , Citi , India , Belgium

A look at India and world's major economies

Image: A woman rides a horse in front of Kloster Einsiedeln abbey in the central Swiss town of Einsiedeln.
Photographs: Arnd Wiegmann/Reuters

Switzerland

GDP growth forecast in 2013: 1.4 per cent

GDP growth forecast in 2014: 1.2 per cent

GDP growth forecast in 2015: 1.3 per cent

GDP growth forecast in 2016: 1.3 per cent

Citi says Swiss GDP growth will remain resilient, beating averages.

...

A look at India and world's major economies

Image: Children try out a new skateboard park built under a concrete viaduct in Ralambshov Park in central Stockholm.
Photographs: Bertil Ericson/Scanpix/Reuters

Sweden

GDP growth forecast in 2013: 1.0 per cent

GDP growth forecast in 2014: 2.5 per cent

GDP growth forecast in 2015: 2.6 per cent

GDP growth forecast in 2016: 2.8 per cent

Domestic demand will remain weak, as consumers seem reluctant to spend despite sound household finances.

...

Tags: GDP , India , Sweden

A look at India and world's major economies

Image: A mother and her child play near the water in front of boats and autumn trees in Frederiksberg Garden in Copenhagen.
Photographs: Brian Bergmann/Scanpix/Reuters

Denmark

GDP growth forecast in 2013: 0.9 per cent

GDP growth forecast in 2014: 1.8 per cent

GDP growth forecast in 2015: 1.8 per cent

GDP growth forecast in 2016: 1.9 per cent

Large pent-up household demand, public sector consumption and investment will revive the Danish economy.

...

Tags: GDP , Denmark , India , Danish

A look at India and world's major economies

Image: Shoppers walk along Karl Johans Gate, the main shopping street in Oslo.
Photographs: Suzanne Plunkett/Reuters

Norway

GDP growth forecast in 2013: 3.1 per cent

GDP growth forecast in 2014: 2.7 per cent

GDP growth forecast in 2015: 2.7 per cent

GDP growth forecast in 2016: 2.9 per cent

Despite headwinds from a slowing global economy, Norway's high oil receipts are cushioning it from recession.

...

Tags: GDP , Norway , India

A look at India and world's major economies

Image: A woman carries balloons in central Moscow.
Photographs: Sergei Karpukhin/Reuters

Russia

GDP growth forecast in 2013: 3.0 per cent

GDP growth forecast in 2014: 3.7 per cent

GDP growth forecast in 2015: 3.3 per cent

GDP growth forecast in 2016: 3.3 per cent

Growth will remain subdued, according to Citi, thanks to slowing retail sales high inflation.

...

Tags: GDP , Citi , Russia , India

A look at India and world's major economies

Image: A woman passes posters of a politician in the centre of Warsaw.
Photographs: Kacper Pempel/Reuters

Poland

GDP growth forecast in 2013: 1.3 per cent

GDP growth forecast in 2014: 2.8 per cent

GDP growth forecast in 2015: 3.3 per cent

GDP growth forecast in 2016: 3.3 per cent

Weakening economic activity and slowing growth in the fourth quarter of 2012 caused Citi to cut GDP estimates by 0.3 per cent.

...

Tags: GDP , Citi , Poland , India

A look at India and world's major economies

Image: Istanbul's Levent financial district.
Photographs: Osman Orsal/Reuters

Turkey

GDP growth forecast in 2013: 4.0 per cent

GDP growth forecast in 2014: 4.3 per cent

GDP growth forecast in 2015: 4.6 per cent

GDP growth forecast in 2016: 4.5 per cent

The overall growth picture for Turkey remains mixed.

...

Tags: GDP , Turkey , India

A look at India and world's major economies

Image: A woman works next to a sale sign at a shopping district in Tokyo.
Photographs: Toru Hanai/Reuters

Japan

GDP growth forecast in 2013: 1.3 per cent

GDP growth forecast in 2014: 1.2 per cent

GDP growth forecast in 2015: 1.5 per cent

GDP growth forecast in 2016: 1.2 per cent

Citi notes that the depreciation of the Yen combined with the recently announced economic stimulus package concentrated on public works spending will likely increase GDP growth by an additional 0.6 per cent in 2013.

...

Tags: GDP , Citi , India , Japan

A look at India and world's major economies

Image: A university student wears traditional costume while peforming during the grand Confucian ceremony at Sungkyunkwan University in Seoul.
Photographs: Kim Hong-Ji/Reuters

South Korea

GDP growth forecast in 2013: 3.2 per cent

GDP growth forecast in 2014: 4.1 per cent

GDP growth forecast in 2015: 4.3 per cent

GDP growth forecast in 2016: 4.2 per cent

Citi cut growth estimates for Korea by 0.2 per cent for 2013, because of slower-than-expected growth momentum in the fourth quarter of 2012, which was due to sluggish exports and investments.

...

A look at India and world's major economies

Image: An aerial view of Indonesia's capital city of Jakarta.
Photographs: Supri/Reuters

Indonesia

GDP growth forecast in 2013: 6.1 per cent

GDP growth forecast in 2014: 6.3 per cent

GDP growth forecast in 2015: 6.5 per cent

GDP growth forecast in 2016: 6.5 per cent

Rebounding coal and palm oil prices, which are good for Indonesia's economy, were more than offset by weakening oil and gas prices.

...

Tags: GDP , Indonesia , India

A look at India and world's major economies

Image: Women cover themselves from rain in Melbourne.
Photographs: Daniel Munoz/Reuters

Australia

GDP growth forecast in 2013: 2.4 per cent

GDP growth forecast in 2014: 3.0 per cent

GDP growth forecast in 2015: 3.5 per cent

GDP growth forecast in 2016: 3.6 per cent

Resilient commodity prices combined will Chinese growth will boost Australia's economy.

Tags: GDP , Australia , India