Forecasts
Our global economic and financial forecasts
Find out what our economists and strategists are expecting over coming quarters.
Growth (GDP)
Last updated: 16 April
| QoQ% Annualised (avg) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|---|
| US | 2.7 | 2.0 | 1.6 | 1.9 | 1.9 | 2.2 | 2.2 | 2.1 | 2.2 | 2.0 |
| Japan | 1.2 | 0.4 | 1.2 | 1.6 | 0.4 | 1.2 | 0.8 | 0.8 | 0.7 | 1.0 |
| Germany | -0.8 | 0.6 | 1.8 | 2.1 | 1.7 | 2.1 | 2.1 | 2.1 | 0.7 | 1.9 |
| France | 0.2 | 0.2 | 0.4 | 0.6 | 0.8 | 1.0 | 1.2 | 1.2 | 0.7 | 0.8 |
| UK | 2.4 | 1.1 | -0.8 | 0.1 | 1.5 | 1.5 | 1.5 | 1.5 | 0.8 | 0.9 |
| Italy | 0.4 | 0.1 | 0.4 | 0.9 | 0.9 | 0.6 | 0.4 | 0.9 | 0.5 | 0.7 |
| Canada | 1.8 | 1.5 | 1.4 | 1.6 | 2.2 | 2.0 | 2.1 | 2.0 | 1.1 | 1.9 |
| Australia | 2.3 | 2.0 | 1.6 | 1.5 | 2.5 | 2.5 | 2.5 | 2.5 | 1.8 | 2.5 |
| Eurozone | 0.5 | 0.4 | 0.7 | 1.2 | 1.4 | 1.5 | 1.5 | 1.4 | 0.7 | 1.3 |
| Austria | 0.6 | 0.4 | 1.0 | 1.4 | 1.4 | 1.5 | 1.6 | 1.5 | 0.6 | 1.3 |
| Spain | 2.2 | 1.0 | 1.7 | 1.3 | 1.8 | 2.1 | 2.0 | 2.0 | 2.2 | 1.7 |
| Netherlands | 0.5 | 0.8 | 1.3 | 1.5 | 1.6 | 1.7 | 1.3 | 1.4 | 1.3 | 1.5 |
| Belgium | 0.8 | 0.2 | 1.0 | 1.2 | 1.2 | 1.2 | 1.2 | 1.4 | 0.7 | 1.2 |
| Greece | 1.6 | 0.8 | 1.4 | 1.2 | 2.1 | 2.4 | 1.8 | 1.7 | 1.9 | 1.8 |
| Portugal | 1.4 | 1.3 | 1.3 | 1.6 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 1.8 |
| Switzerland | 1.2 | 0.6 | 0.8 | 1.2 | 1.2 | 1.6 | 1.6 | 1.2 | 0.5 | 1.2 |
| YoY% (avg) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|---|
| Bulgaria | 3.1 | 2.8 | 2.7 | 2.5 | 2.5 | 2.5 | 2.5 | 2.7 | 2.8 | 2.5 |
| Croatia | 3.5 | 3.1 | 3.0 | 1.7 | 1.6 | 1.7 | 1.8 | 1.8 | 2.7 | 1.7 |
| Czech Republic | 2.4 | 2.3 | 2.1 | 2.0 | 2.1 | 2.3 | 2.4 | 2.5 | 2.2 | 2.3 |
| Hungary | 1.6 | 1.3 | 1.6 | 2.1 | 1.4 | 2.7 | 2.7 | 3.2 | 1.6 | 2.5 |
| Poland | 3.1 | 3.4 | 3.6 | 3.5 | 3.6 | 3.4 | 3.0 | 2.9 | 3.4 | 3.2 |
| Turkey | 3.5 | 3.2 | 2.8 | 2.6 | 2.9 | 3.9 | 4.1 | 5.0 | 3.0 | 4.0 |
| Serbia | 3.5 | 3.0 | 3.1 | 2.6 | 2.8 | 3.2 | 3.3 | 3.6 | 3.0 | 3.2 |
| Azerbaijan | -0.3 | 2.5 | 5.0 | 2.7 | 3.0 | 3.5 | 2.0 | 3.5 | 2.5 | 3.0 |
| Kazakhstan | 4.0 | 5.0 | 5.0 | 6.0 | 5.0 | 4.8 | 4.0 | 4.0 | 5.0 | 4.5 |
| Russia | -1.5 | 0.0 | 1.5 | 1.8 | 1.5 | 1.0 | 0.0 | 0.5 | 0.5 | 0.8 |
| Uzbekistan | 6.5 | 6.3 | 6.0 | 7.0 | 6.5 | 5.5 | 6.0 | 6.0 | 6.5 | 6.0 |
| Ukraine | 2.1 | 2.6 | 2.5 | 2.8 | 3.2 | 3.4 | 3.5 | 3.5 | 2.5 | 3.4 |
| China | 4.7 | 4.6 | 4.7 | 4.5 | 4.0 | 4.8 | 4.4 | 4.3 | 4.6 | 4.4 |
| India | 7.0 | 6.5 | 6.2 | 6.4 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 |
| Indonesia | 5.3 | 4.9 | 4.7 | 4.5 | 5.0 | 5.0 | 5.0 | 5.0 | 4.8 | 5.0 |
| Korea | 2.9 | 2.3 | 1.2 | 1.7 | 1.3 | 1.8 | 1.9 | 2.0 | 2.0 | 1.8 |
| Philippines | 4.3 | 4.3 | 4.0 | 5.2 | 6.0 | 6.0 | 6.0 | 6.0 | 4.5 | 6.0 |
| Singapore | 4.6 | 4.0 | 2.8 | 1.8 | 2.5 | 2.5 | 2.5 | 2.5 | 3.3 | 2.5 |
| Taiwan | 11.5 | 8.6 | 8.5 | 4.8 | 4.5 | 5.1 | 5.0 | 5.1 | 8.2 | 4.9 |
Inflation (CPI)
Last updated: 16 April
| YoY% (avg) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|---|
| US | 2.7 | 4.1 | 3.8 | 3.2 | 2.7 | 1.6 | 1.7 | 2.0 | 3.5 | 2.0 |
| Japan | 1.4 | 2.3 | 2.6 | 2.4 | 2.7 | 2.0 | 1.7 | 1.7 | 2.2 | 2.0 |
| Germany | 2.2 | 3.6 | 4.0 | 3.9 | 3.7 | 2.3 | 1.7 | 1.6 | 3.5 | 2.3 |
| France | 1.2 | 2.3 | 2.4 | 2.6 | 1.8 | 1.1 | 0.8 | 1.4 | 2.1 | 1.3 |
| UK | 3.1 | 2.9 | 3.9 | 3.7 | 3.6 | 2.6 | 1.8 | 2.0 | 3.4 | 2.5 |
| Italy | 1.3 | 2.4 | 3.0 | 3.1 | 2.8 | 1.9 | 1.6 | 1.7 | 2.5 | 2.0 |
| Canada | 2.2 | 3.3 | 3.3 | 2.9 | 2.3 | 1.6 | 1.7 | 2.0 | 2.6 | 1.9 |
| Australia | 4.1 | 5.0 | 4.8 | 4.8 | 3.0 | 3.0 | 3.0 | 3.0 | 4.7 | 3.0 |
| Eurozone | 2.0 | 3.7 | 3.9 | 3.8 | 3.6 | 2.1 | 1.9 | 1.9 | 3.4 | 2.4 |
| Austria | 2.5 | 3.6 | 3.8 | 3.7 | 3.5 | 2.2 | 2.0 | 1.9 | 3.4 | 2.4 |
| Spain | 2.7 | 3.3 | 3.1 | 3.3 | 2.9 | 2.4 | 2.2 | 2.2 | 3.1 | 2.5 |
| Netherlands | 2.3 | 3.2 | 4.0 | 4.1 | 3.7 | 2.7 | 1.6 | 1.5 | 3.4 | 2.4 |
| Belgium | 1.8 | 4.2 | 3.9 | 3.8 | 3.4 | 1.9 | 1.8 | 1.8 | 3.6 | 2.3 |
| Greece | 3.1 | 3.5 | 3.7 | 3.2 | 2.8 | 2.1 | 2.2 | 2.2 | 3.4 | 2.3 |
| Portugal | 2.2 | 2.9 | 2.9 | 3.3 | 2.7 | 2.1 | 2.0 | 2.0 | 2.8 | 2.2 |
| Switzerland | 0.4 | 1.3 | 1.1 | 0.7 | 0.6 | 0.6 | 0.8 | 0.8 | 0.9 | 0.7 |
| Bulgaria | 3.3 | 3.8 | 2.3 | 2.5 | 2.5 | 2.3 | 2.5 | 2.6 | 3.0 | 2.5 |
| Croatia | 3.8 | 4.3 | 3.4 | 3.4 | 2.5 | 2.6 | 2.7 | 3.1 | 3.7 | 2.7 |
| Czech Republic | 1.6 | 2.5 | 2.3 | 2.8 | 3.3 | 2.5 | 2.5 | 2.4 | 2.3 | 2.7 |
| Hungary | 1.8 | 3.5 | 4.1 | 4.3 | 4.2 | 4.0 | 3.5 | 3.1 | 3.4 | 3.7 |
| Poland | 2.4 | 3.6 | 3.9 | 4.2 | 3.8 | 2.9 | 2.5 | 2.4 | 3.5 | 2.9 |
| Turkey | 30.9 | 30.8 | 28.2 | 27.5 | 23.9 | 21.2 | 19.6 | 18.9 | 29.6 | 21.2 |
| Serbia | 2.6 | 3.0 | 2.6 | 3.4 | 3.3 | 3.5 | 3.8 | 4.2 | 3.0 | 3.8 |
| Azerbaijan | 5.7 | 5.4 | 4.9 | 4.8 | 4.7 | 5.1 | 5.3 | 5.4 | 5.2 | 5.1 |
| Kazakhstan | 11.6 | 10.6 | 9.9 | 10.3 | 10.4 | 10.3 | 9.9 | 9.3 | 10.6 | 10.0 |
| Russia | 5.9 | 5.9 | 5.7 | 6.0 | 5.0 | 4.9 | 5.0 | 4.7 | 5.9 | 4.9 |
| Uzbekistan | 7.2 | 6.9 | 7.0 | 8.1 | 8.6 | 8.3 | 8.0 | 7.6 | 7.3 | 8.1 |
| Ukraine | 9.2 | 8.5 | 7.5 | 7.0 | 6.5 | 6.3 | 6.1 | 5.7 | 8.1 | 6.2 |
| China | 0.8 | 1.0 | 1.5 | 1.4 | 1.6 | 1.1 | 1.1 | 1.1 | 1.2 | 1.3 |
| India | 3.1 | 4.0 | 4.8 | 5.5 | 4.5 | 4.8 | 4.8 | 5.0 | 4.4 | 5.0 |
| Indonesia | 3.9 | 2.7 | 2.7 | 2.7 | 2.5 | 2.5 | 3.0 | 3.0 | 3.0 | 2.5 |
| Korea | 2.1 | 3.0 | 2.7 | 2.4 | 2.1 | 1.5 | 2.1 | 2.3 | 2.5 | 2.0 |
| Philippines | 2.8 | 5.5 | 5.5 | 4.8 | 3.0 | 3.0 | 3.0 | 3.0 | 4.7 | 3.0 |
| Singapore | 1.6 | 2.2 | 2.4 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.1 | 2.0 |
| Taiwan | 1.2 | 2.3 | 2.7 | 2.5 | 2.2 | 1.6 | 1.1 | 1.5 | 2.2 | 1.6 |
Policy rates
Last updated: 16 April
| G10 (%, eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F |
|---|---|---|---|---|---|---|---|---|
| US (upper bound) | 3.75 | 3.75 | 3.50 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 |
| Eurozone (deposit rate) | 2.00 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 |
| Japan (upper bound) | 0.75 | 1.00 | 1.00 | 1.25 | 1.25 | 1.25 | 1.50 | 1.50 |
| UK | 3.75 | 3.75 | 3.75 | 3.75 | 3.50 | 3.25 | 3.25 | 3.25 |
| Switzerland | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Sweden | 1.75 | 1.75 | 1.75 | 1.75 | 2.00 | 2.00 | 2.00 | 2.00 |
| Norway | 4.00 | 4.25 | 4.25 | 4.25 | 4.25 | 4.00 | 3.75 | 3.75 |
| Canada | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.50 | 2.75 | 3.00 |
| Australia | 4.10 | 4.35 | 4.35 | 4.35 | 4.10 | 4.10 | 3.85 | 3.85 |
| EMEA (%, eop) | ||||||||
| Czech Republic | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 |
| Hungary | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 6.00 | 5.75 | 5.00 |
| Poland | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 |
| Turkey | 37.00 | 37.00 | 35.00 | 33.00 | 30.00 | 27.00 | 25.00 | 23.00 |
| Serbia | 5.75 | 5.75 | 5.50 | 5.50 | 5.25 | 5.00 | 5.00 | 5.00 |
| Azerbaijan | 6.50 | 6.50 | 6.50 | 6.50 | 6.25 | 6.25 | 6.25 | 6.25 |
| Kazakhstan | 18.00 | 18.00 | 17.50 | 16.50 | 16.00 | 15.50 | 15.00 | 14.50 |
| Russia | 15.00 | 14.50 | 14.00 | 13.50 | 12.50 | 12.00 | 11.50 | 11.00 |
| Uzbekistan | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 14.00 | 13.00 |
| Ukraine | 14.50 | 14.00 | 13.00 | 13.00 | 12.50 | 12.50 | 12.00 | 11.50 |
| Asia (%, eop) | ||||||||
| China (7 day reverse repo rate) | 1.40 | 1.40 | 1.30 | 1.30 | 1.30 | 1.20 | 1.20 | 1.20 |
| India | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 | 5.25 |
| Indonesia | 4.75 | 4.75 | 4.75 | 4.50 | 4.50 | 4.50 | 4.50 | 4.50 |
| Korea | 2.50 | 2.50 | 2.75 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
| Philippines | 4.25 | 4.50 | 4.50 | 4.50 | 4.50 | 4.25 | 4.25 | 4.25 |
| Taiwan | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
3 month rates
Last updated: 16 April
| G10 (%, eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F |
|---|---|---|---|---|---|---|---|---|
| US | 3.70 | 3.70 | 3.50 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 |
| Eurozone | 2.10 | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 |
| Japan | 1.25 | 1.30 | 1.50 | 1.50 | 1.50 | 1.75 | 1.75 | 1.75 |
| UK | 3.50 | 3.20 | 3.20 | 3.20 | 3.20 | 3.20 | 3.20 | 3.20 |
| Switzerland | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Canada | 2.10 | 2.10 | 2.10 | 2.10 | 2.40 | 2.60 | 2.90 | 3.10 |
| Australia | 4.30 | 4.38 | 4.40 | 4.40 | 4.20 | 4.20 | 4.00 | 4.00 |
| EMEA (%, eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F |
| Czech Republic | 3.57 | 3.58 | 3.58 | 3.58 | 3.58 | 3.58 | 3.58 | 3.58 |
| Hungary | 6.45 | 6.30 | 6.25 | 6.25 | 6.25 | 6.00 | 5.60 | 4.85 |
| Poland | 3.85 | 3.83 | 3.83 | 3.83 | 3.83 | 3.83 | 3.83 | 3.83 |
| Turkey | 47.20 | 39.60 | 35.60 | 32.70 | 29.80 | 26.40 | 24.20 | 22.40 |
| Serbia | 4.70 | 4.70 | 4.70 | 4.70 | 4.50 | 4.20 | 4.00 | 3.90 |
| Kazakhstan | 17.78 | 16.00 | 16.00 | 15.50 | 15.80 | 15.30 | 14.80 | 14.30 |
| Russia | 12.14 | 12.50 | 12.50 | 11.50 | 11.00 | 10.50 | 10.50 | 10.00 |
| Asia (%, eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F |
| China* | 1.51 | 1.48 | 1.45 | 1.40 | 1.40 | 1.40 | 1.35 | 1.35 |
| India | 6.30 | 6.30 | 6.20 | 6.20 | 6.20 | 6.20 | 6.30 | 6.50 |
| Indonesia | 5.50 | 5.50 | 5.40 | 5.30 | 5.50 | 5.50 | 5.50 | 5.50 |
| Korea | 2.75 | 2.90 | 3.10 | 3.25 | 3.25 | 3.25 | 3.20 | 3.20 |
| Philippines* | 4.50 | 4.50 | 4.50 | 4.50 | 4.50 | 4.50 | 4.75 | 4.75 |
| Singapore | 1.10 | 1.15 | 1.20 | 1.40 | 1.50 | 1.50 | 1.50 | 1.50 |
| Taiwan* | 1.68 | 1.65 | 1.65 | 1.65 | 1.65 | 1.65 | 1.65 | 1.65 |
10-year yields
Last updated: 16 April
| G10 (%, eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F |
|---|---|---|---|---|---|---|---|---|
| US: Fed funds | 3.75 | 3.75 | 3.50 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 |
| 3M | 3.70 | 3.70 | 3.50 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 |
| 2Y | 3.70 | 3.75 | 3.50 | 3.40 | 3.35 | 3.40 | 3.40 | 3.40 |
| 5Y | 3.80 | 4.00 | 3.80 | 3.75 | 3.75 | 3.80 | 3.80 | 3.85 |
| 10Y | 4.20 | 4.50 | 4.30 | 4.25 | 4.15 | 4.25 | 4.25 | 4.30 |
| 30Y | 4.85 | 5.00 | 4.90 | 4.85 | 4.75 | 4.75 | 4.75 | 4.75 |
| ECB deposit* | 2.00 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 | 2.25 |
| 3M | 2.10 | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 | 2.40 |
| 2Y | 2.40 | 2.60 | 2.55 | 2.50 | 2.45 | 2.40 | 2.40 | 2.40 |
| 5Y | 2.60 | 2.80 | 2.75 | 2.75 | 2.70 | 2.70 | 2.70 | 2.75 |
| 10Y | 3.00 | 3.10 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.10 |
| 30Y | 3.55 | 3.65 | 3.60 | 3.65 | 3.65 | 3.65 | 3.60 | 3.70 |
| Japan | 2.35 | 2.60 | 2.70 | 2.75 | 2.75 | 2.85 | 3.00 | 3.00 |
| France | 3.65 | 3.75 | 3.65 | 3.75 | 3.75 | 3.75 | 3.65 | 3.75 |
| Italy | 3.75 | 3.85 | 3.70 | 3.70 | 3.70 | 3.70 | 3.65 | 3.75 |
| Spain | 3.45 | 3.55 | 3.45 | 3.45 | 3.45 | 3.45 | 3.45 | 3.55 |
| UK | 4.70 | 4.65 | 4.50 | 4.30 | 4.30 | 4.40 | 4.50 | 4.50 |
| Netherlands | 3.10 | 3.20 | 3.10 | 3.05 | 3.05 | 3.05 | 3.05 | 3.15 |
| Belgium | 3.55 | 3.65 | 3.55 | 3.55 | 3.55 | 3.55 | 3.55 | 3.65 |
| Austria | 3.30 | 3.40 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | 3.40 |
| Ireland | 3.25 | 3.30 | 3.20 | 3.20 | 3.20 | 3.20 | 3.20 | 3.30 |
| Portugal | 3.40 | 3.50 | 3.40 | 3.40 | 3.40 | 3.40 | 3.35 | 3.45 |
| Switzerland | 0.40 | 0.50 | 0.40 | 0.50 | 0.50 | 0.50 | 0.50 | 0.60 |
| Finland | 3.30 | 3.40 | 3.30 | 3.35 | 3.35 | 3.35 | 3.35 | 3.45 |
| Canada | 3.50 | 3.60 | 3.60 | 3.50 | 3.75 | 3.75 | 4.00 | 4.00 |
| Australia | 4.90 | 4.80 | 4.80 | 4.70 | 4.70 | 4.70 | 4.70 | 4.70 |
| EMEA (%, eop) | ||||||||
| Bulgaria | 3.55 | 3.65 | 3.60 | 3.50 | 3.30 | 3.15 | 3.15 | 3.20 |
| Czech Republic | 4.93 | 4.36 | 4.23 | 4.17 | 4.17 | 4.17 | 4.17 | 4.17 |
| Hungary | 7.13 | 6.05 | 6.35 | 6.25 | 6.10 | 5.90 | 5.50 | 5.00 |
| Poland | 5.87 | 5.20 | 5.00 | 4.90 | 4.95 | 4.95 | 5.00 | 5.00 |
| Russia | 14.52 | 13.50 | 13.00 | 12.50 | 12.00 | 11.50 | 11.00 | 10.50 |
| Turkey | 33.50 | 27.20 | 26.30 | 26.10 | 24.90 | 22.40 | 21.60 | 20.50 |
| Asia (%, eop) | ||||||||
| China | 1.85 | 1.90 | 1.95 | 2.00 | 2.00 | 2.05 | 2.10 | 2.15 |
| India | 7.00 | 6.80 | 6.80 | 6.80 | 6.40 | 6.40 | 6.40 | 6.40 |
| Indonesia | 6.80 | 6.50 | 6.50 | 6.50 | 6.60 | 6.60 | 6.60 | 6.60 |
| Korea | 3.90 | 3.75 | 3.75 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 |
| Philippines | 5.77 | 5.60 | 5.60 | 5.50 | 5.75 | 5.75 | 6.00 | 6.00 |
| Singapore | 2.27 | 2.10 | 2.10 | 2.05 | 2.20 | 2.20 | 2.20 | 2.20 |
| Taiwan | 1.58 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.60 | 1.60 |
FX
Last updated: 16 March
| G10 (eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2027F | |
|---|---|---|---|---|---|---|
| Euro | EUR/USD | 1.15 | 1.16 | 1.18 | 1.20 | 1.20 |
| Japan | USD/JPY | 158 | 158 | 155 | 153 | 145 |
| UK | GBP/USD | 1.33 | 1.34 | 1.33 | 1.33 | 1.33 |
| Japan | EUR/JPY | 183 | 186 | 183 | 184 | 174 |
| UK | EUR/GBP | 0.87 | 0.88 | 0.89 | 0.90 | 0.90 |
| Canada | USD/CAD | 1.36 | 1.35 | 1.34 | 1.33 | 1.32 |
| Australia | AUD/USD | 0.70 | 0.72 | 0.73 | 0.74 | 0.72 |
| New Zealand | NZD/USD | 0.58 | 0.59 | 0.60 | 0.61 | 0.61 |
| Switzerland | EUR/CHF | 0.90 | 0.90 | 0.91 | 0.92 | 0.95 |
| Sweden | EUR/SEK | 10.75 | 10.60 | 10.50 | 10.30 | 10.30 |
| Norway | EUR/NOK | 11.10 | 10.80 | 10.70 | 10.60 | 10.60 |
| Denmark | EUR/DKK | 7.47 | 7.47 | 7.46 | 7.46 | 7.46 |
| EMEA (eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2027F | |
| Serbia | EUR/RSD | 117.35 | 117.35 | 117.30 | 117.30 | 117.20 |
| Czech Republic | EUR/CZK | 24.38 | 24.37 | 24.31 | 24.26 | 24.08 |
| Hungary | EUR/HUF | 390 | 385 | 390 | 385 | 395 |
| Poland | EUR/PLN | 4.25 | 4.23 | 4.24 | 4.22 | 4.25 |
| Turkey | USD/TRY | 44.50 | 46.40 | 48.60 | 51.00 | 59.00 |
| South Africa | USD/ZAR | 16.25 | 16.00 | 15.75 | 15.50 | 15.50 |
| Israel | USD/ILS | 3.15 | 3.10 | 3.10 | 3.05 | 3.05 |
| CIS (eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2027F | |
| Azerbaijan | USD/AZN | 1.70 | 1.70 | 1.70 | 1.70 | 1.70 |
| Kazakhstan | USD/KZT | 510 | 530 | 550 | 540 | 570 |
| Russia | USD/RUB | 78.00 | 83.00 | 85.00 | 90.00 | 100.00 |
| EUR/RUB | 90.48 | 97.94 | 102.00 | 109.80 | 122.00 | |
| Uzbekistan | USD/UZS | 12040 | 12070 | 12100 | 12130 | 12736 |
| Ukraine | USD/UAH | 42.60 | 42.80 | 42.80 | 42.80 | 43.50 |
| Latam (eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2027F | |
| Brazil | USD/BRL | 5.25 | 5.25 | 5.50 | 5.50 | 5.50 |
| Mexico | USD/MXN | 17.50 | 17.75 | 17.75 | 17.50 | 17.25 |
| Chile | USD/CLP | 875 | 875 | 875 | 900 | 950 |
| Asia (eop) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2027F | |
| China | USD/CNY | 6.90 | 6.87 | 6.85 | 6.85 | 6.70 |
| India | USD/INR | 91.00 | 91.50 | 90.50 | 90.50 | 88.50 |
| Indonesia | USD/IDR | 16900 | 16900 | 16800 | 16800 | 17000 |
| Korea | USD/KRW | 1450 | 1425 | 1400 | 1400 | 1400 |
| Philippines | USD/PHP | 59.00 | 59.30 | 59.00 | 58.50 | 59.00 |
| Singapore | USD/SGD | 1.29 | 1.30 | 1.28 | 1.27 | 1.30 |
| Taiwan | USD/TWD | 31.50 | 31.10 | 30.70 | 30.50 | 29.60 |
Commodities
Last updated 16th April
| Oil and natural gas forecasts (avg) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 1Q27F | 2Q27F | 3Q27F | 4Q27F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|---|
| Brent ($/bbl) | 78 | 96 | 93 | 88 | 82 | 79 | 75 | 72 | 89 | 77 |
| Dutch TTF (EUR/MWh) | 40 | 55 | 45 | 45 | 40 | 33 | 31 | 32 | 46 | 34 |
| Metal Forecasts (avg) | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2026F |
|---|---|---|---|---|---|
| Copper ($/t) | 12,500 | 13,500 | 12,500 | 11,500 | 12,500 |
| Aluminium ($/t) | 3,200 | 3,600 | 3,500 | 3,400 | 3,425 |
| Nickel ($/t) | 17,500 | 17,000 | 16,500 | 17,000 | 17,000 |
| Zinc ($/t) | 3,250 | 3,200 | 3,150 | 3,150 | 3,200 |
| Lead ($/t) | 2,100 | 2,050 | 2,000 | 2,100 | 2,062 |
| Gold ($/oz) | 4,900 | 5,100 | 5,300 | 5,450 | 5,190 |
| Silver ($/oz) | 89.00 | 85.00 | 81.00 | 78.00 | 83.00 |
| Iron Ore ($/t) | 100.00 | 95.00 | 90.00 | 95.00 | 95.00 |