Cluttons
GLOBAL GDP PERFORMANCE
Unsurprisingly, 15
12
political events 9
and public sector 6
spending are % 3
continuing to 0
greatly influence -3
-6
perceptions of 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: Markit /JP Morgan
domestic economic
*estimated from 2012 onwards
Singapore UAE* United Kingdom World
performance.
MARKIT JP MORGAN GLOBAL ALL-INDUSTRY OUTPUT PMI (2004 -2013)
60
Expansion
58
56
54
Output index value
52
50
48
Contraction
44
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*
* Data for August 2013 Source: Markit /JP Morgan
Global PMI Output
Looking forward to 2014, all the Middle East offices surveyed noted that in
general their HNWI clients expect the world economy to be in a better place,
although note the drawn out nature of the EU debt crisis as a lingering threat
to global stability. HNWI clients in our South East Asian offices on the other
hand, with the exception of Bangkok, Jakarta and Tokyo, expect conditions to
be stable. The latter three offices were sceptical about the ability of the world
economy to sustain its current path of tentative expansion; their sentiment was
underpinned by nervousness surrounding China’s capacity to deliver 6% to 7%
GDP growth annually as announced by Chinese authorities this year.
4