Forecasts
Our global economic and financial forecasts
Find out what our economists and strategists are expecting over coming quarters.
Latest forecast update: 5 June 2023
Growth (GDP)
Developed markets (QoQ% annualised growth)
2Q23F | 3Q23F | 4Q23F | 1Q24F | 2023F | 2024F | 2025F | |
---|---|---|---|---|---|---|---|
US | 2.0 | -1.5 | -2.2 | -1.0 | 1.2 | 0.0 | 2.2 |
Japan | 1.6 | 1.2 | 0.8 | 0.8 | 1.1 | 1.0 | 1.2 |
Germany | 1.2 | 0.2 | -1.0 | -1.1 | -0.2 | 0.3 | 1.3 |
France | 0.6 | 0.4 | 0.0 | 0.4 | 0.5 | 0.6 | 1.3 |
UK | -0.4 | 1.1 | 0.8 | 1.3 | 0.3 | 1.1 | 1.5 |
Italy | 0.6 | 0.9 | 0.7 | 0.6 | 1.1 | 0.9 | 1.1 |
Canada | 1.5 | -0.2 | -0.6 | -0.4 | 1.5 | 0.5 | 2.2 |
Australia | 0.3 | 0.3 | 0.4 | 0.3 | 1.8 | 1.8 | 3.1 |
Eurozone | 1.0 | 0.7 | 0.1 | 0.1 | 0.5 | 0.5 | 1.4 |
Austria | 1.2 | 0.8 | 0.4 | 0.8 | 0.6 | 0.8 | 1.4 |
Spain | 1.2 | 0.9 | 0.5 | 0.7 | 1.9 | 1.0 | 1.8 |
Netherlands | 2.2 | 1.1 | 1.0 | 0.5 | 0.4 | 1.2 | 1.0 |
Belgium | 0.4 | 0.8 | 0.4 | 0.4 | 0.9 | 0.7 | 1.5 |
Greece | 0.7 | 1.5 | 0.9 | 1.6 | 1.9 | 1.4 | 1.6 |
Portugal | 2.0 | 1.1 | 0.6 | 0.7 | 2.7 | 1.1 | 1.8 |
Switzerland | 0.8 | 0.4 | 0.4 | 0.8 | 0.6 | 0.8 | 1.4 |
Sweden | -1.4 | -0.1 | 1.3 | 1.1 | 0.3 | 0.9 | 1.5 |
Norway | 0.6 | 1.4 | 1.6 | 1.8 | 1.5 | 1.6 | 1.8 |
Emerging markets (YoY% growth)
2Q23F | 3Q23F | 4Q23F | 1Q24F | 2023F | 2024F | 2025F | |
---|---|---|---|---|---|---|---|
Bulgaria | 1.6 | 1.7 | 1.7 | 2.4 | 1.7 | 3.1 | 3.5 |
Croatia | 1.9 | 3.0 | 2.9 | 2.2 | 2.7 | 2.5 | 2.7 |
Hungary | -1.2 | 0.7 | 2.2 | 3.1 | 0.2 | 3.1 | 3.8 |
Poland | 1.0 | 0.9 | 3.0 | 2.6 | 1.2 | 2.4 | 3.5 |
Romania | 3.0 | 2.3 | 2.4 | 3.3 | 2.5 | 3.9 | 4.2 |
Turkey | 5.0 | 1.7 | 0.0 | 1.5 | 2.5 | 3.0 | 4.0 |
Serbia | 0.4 | 2.1 | 2.9 | 4.3 | 1.6 | 3.8 | 3.7 |
Russia | 2.5 | 2.0 | 1.5 | 3.0 | 1.0 | 1.0 | 1.0 |
Kazakhstan | 5.2 | 4.7 | 4.0 | 3.5 | 4.7 | 4.0 | 4.0 |
Azerbaijan | 2.8 | 3.2 | 3.4 | 4.0 | 2.0 | 2.5 | 2.7 |
China | 8.8 | 5.0 | 4.6 | 4.2 | 5.7 | 4.7 | 5.1 |
India | 7.8 | 6.7 | 6.3 | 5.5 | 6.0 | 6.6 | 7.4 |
Indonesia | 4.2 | 4.6 | 4.7 | 5.0 | 4.6 | 4.9 | 5.0 |
Korea | 0.8 | 0.5 | 0.5 | 1.5 | 0.8 | 2.0 | 2.3 |
Philippines | 5.0 | 4.8 | 4.5 | 5.3 | 5.2 | 5.5 | 6.0 |
Singapore | 2.2 | 2.3 | 2.5 | 3.4 | 1.9 | 3.1 | 3.0 |
Inflation (CPI)
%YoY | 2Q23F | 3Q23F | 4Q23F | 1Q24F | 2023F | 2024F | 2025F |
---|---|---|---|---|---|---|---|
US | 4.2 | 3.5 | 2.8 | 2.2 | 2.8 | 2.0 | 2.3 |
Japan | 2.9 | 2.4 | 1.7 | 1.7 | 1.7 | 1.8 | 1.3 |
Germany | 6.9 | 6.6 | 4.4 | 4.1 | 6.6 | 3.1 | 2.0 |
France | 7.0 | 5.6 | 4.0 | 4.0 | 5.9 | 2.8 | 1.6 |
UK | 8.2 | 6.2 | 4.1 | 3.3 | 4.1 | 1.7 | 2.1 |
Italy | 7.7 | 5.7 | 2.8 | 3.3 | 6.5 | 2.4 | 1.9 |
Canada | 3.5 | 3.5 | 3.2 | 2.6 | 3.8 | 2.1 | 2.0 |
Australia | 0.3 | 0.3 | 0.4 | 0.3 | 1.8 | 1.8 | 3.1 |
Eurozone | 6.9 | 3.8 | 3.0 | 2.6 | 5.4 | 2.5 | 2.0 |
Austria | 7.9 | 4.9 | 3.8 | 3.0 | 6.8 | 2.4 | 2.0 |
Spain | 3.6 | 3.1 | 2.9 | 3.1 | 3.7 | 2.6 | 2.1 |
Netherlands | 6.0 | 2.6 | 1.2 | 2.8 | 4.1 | 1.8 | 1.4 |
Belgium | 5.2 | 4.4 | 3.6 | 3.2 | 5.2 | 2.7 | 2.1 |
Greece | 3.8 | 2.8 | 3.1 | 2.7 | 4.0 | 2.3 | 1.9 |
Portugal | 5.0 | 3.8 | 3.5 | 2.9 | 5.1 | 2.5 | 1.9 |
Switzerland | 2.4 | 2.3 | 2.3 | 2.2 | 2.6 | 1.7 | 1.5 |
Sweden | 7.0 | 5.0 | 2.9 | 2.0 | 5.4 | 2.0 | 1.8 |
Norway | 5.8 | 4.5 | 3.9 | 3.7 | 5.2 | 3.6 | 2.5 |
Bulgaria | 10.8 | 9.6 | 8.9 | 7.1 | 11.1 | 6.5 | 4.0 |
Croatia | 7.8 | 5.7 | 4.4 | 4.0 | 7.4 | 4.3 | 3.0 |
Hungary | 22.6 | 17.5 | 11.1 | 6.8 | 19.2 | 5.1 | 3.1 |
Poland | 12.0 | 10.4 | 7.9 | 7.0 | 12.1 | 6.1 | 4.0 |
Romania | 10.6 | 9.0 | 7.2 | 6.5 | 10.5 | 5.3 | 4.0 |
Turkey | 40.4 | 40.9 | 48.3 | 45.3 | 45.7 | 40.3 | 23.2 |
Serbia | 14.1 | 10.9 | 8.0 | 6.4 | 12.2 | 6.3 | 4.1 |
Russia | 3.3 | 3.7 | 4.8 | 5.1 | 5.1 | 5.1 | 4.6 |
Kazakhstan | 16.0 | 13.2 | 10.5 | 9.6 | 15.0 | 8.6 | 6.7 |
Azerbaijan | 12.3 | 10.4 | 6.4 | 6.7 | 10.7 | 6.2 | 5.0 |
China | 2.3 | 1.8 | 2.5 | 2.5 | 2.0 | 2.4 | 3.0 |
India | 4.2 | 4.3 | 4.4 | 4.2 | 4.8 | 4.2 | 5.0 |
Indonesia | 4.1 | 4.0 | 3.7 | 3.8 | 4.6 | 3.5 | 3.6 |
Korea | 3.3 | 2.6 | 2.5 | 1.7 | 3.3 | 1.6 | 2.2 |
Philippines | 5.5 | 4.9 | 3.8 | 4.1 | 5.6 | 3.9 | 3.5 |
Singapore | 5.5 | 5.0 | 4.4 | 3.3 | 5.3 | 3.2 | 2.9 |
*Quarterly forecasts are quarterly average; yearly forecasts are average over the year. HICP for Eurozone economies
*The usual oil and natural gas forecasts have been moved to the commodity tab
Policy rates
(%) end period | 2Q23F | 3Q23F | 4Q23F | 1Q24F | 2Q24F | 3Q24F | 4Q24F | 4Q25F |
---|---|---|---|---|---|---|---|---|
US (upper bound) | 5.25 | 5.25 | 4.25 | 3.25 | 3.00 | 3.00 | 3.00 | 3.00 |
Eurozone (refi rate) | 4.00 | 4.25 | 4.25 | 4.25 | 3.75 | 3.50 | 3.25 | 3.00 |
Japan | -0.10 | -0.10 | -0.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.25 |
UK | 4.75 | 4.75 | 4.75 | 4.75 | 4.25 | 3.75 | 3.25 | 2.75 |
Switzerland | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.50 |
Sweden | 3.75 | 3.75 | 3.75 | 3.50 | 3.25 | 3.00 | 2.75 | 2.50 |
Norway | 3.75 | 3.75 | 3.75 | 3.25 | 3.00 | 3.00 | 3.00 | 3.00 |
Canada | 4.50 | 4.50 | 4.50 | 4.00 | 3.50 | 3.00 | 3.00 | 3.00 |
Australia | 4.10 | 4.10 | 3.85 | 3.35 | 2.85 | 2.85 | 3.10 | 3.60 |
Hungary | 13.00 | 13.00 | 11.50 | 8.00 | 6.75 | 6.00 | 6.00 | 5.00 |
Poland | 6.75 | 6.75 | 6.75 | 6.75 | 6.75 | 6.50 | 5.75 | 5.00 |
Romania | 7.00 | 7.00 | 7.00 | 6.50 | 6.00 | 6.00 | 6.00 | 5.00 |
Turkey | 8.50 | 8.50 | 30.00 | 35.00 | 35.00 | 32.50 | 30.00 | 20.00 |
Serbia | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 5.50 | 5.00 | 4.50 |
Russia | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 | 6.50 |
Kazakhstan | 16.75 | 16.00 | 15.00 | 14.00 | 13.00 | 12.00 | 11.00 | 9.00 |
Azerbaijan | 9.00 | 8.75 | 8.50 | 8.25 | 8.00 | 7.75 | 7.50 | 6.50 |
China* | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.10 | 2.20 | 2.40 |
India | 6.50 | 6.50 | 6.00 | 5.50 | 5.00 | 5.00 | 5.00 | 5.50 |
Indonesia | 5.75 | 5.75 | 5.50 | 5.50 | 5.25 | 5.00 | 4.50 | 5.00 |
Korea | 3.50 | 3.50 | 3.25 | 3.00 | 2.75 | 2.50 | 2.50 | 3.00 |
Philippines | 6.25 | 6.25 | 6.00 | 5.75 | 5.25 | 5.25 | 4.50 | 4.00 |
Taiwan | 1.88 | 1.88 | 1.63 | 1.50 | 1.38 | 1.25 | 1.25 | 1.25 |
*PBOC 7-day reverse repo rate
3 month rates
(%) end period | 2Q23F | 3Q23F | 4Q23F | 1Q24F | 2Q24F | 3Q24F | 4Q24F | 4Q25F |
---|---|---|---|---|---|---|---|---|
US SOFR | 5.20 | 5.20 | 4.20 | 3.20 | 3.00 | 3.00 | 3.00 | 3.00 |
Eurozone | 3.60 | 3.80 | 3.70 | 3.60 | 3.30 | 3.10 | 2.90 | 2.80 |
Japan | 0.00 | 0.00 | 0.00 | 0.05 | 0.20 | 0.20 | 0.00 | 0.30 |
UK | 4.75 | 4.75 | 4.75 | 4.65 | 4.15 | 3.60 | 3.10 | 2.70 |
Switzerland | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | 1.50 |
Canada | 4.60 | 4.60 | 4.60 | 4.10 | 3.60 | 3.10 | 3.10 | 3.20 |
Australia | 4.15 | 4.10 | 3.70 | 3.25 | 2.90 | 3.00 | 3.20 | 3.70 |
Hungary | 15.00 | 13.50 | 11.00 | 7.50 | 6.25 | 6.00 | 5.90 | 5.00 |
Poland | 6.95 | 6.95 | 6.95 | 6.95 | 6.95 | 6.45 | 5.95 | 5.20 |
Romania | 6.60 | 6.70 | 6.70 | 6.50 | 6.30 | 6.25 | 6.25 | 5.25 |
Turkey | 16.00 | 23.15 | 33.00 | 35.40 | 34.90 | 31.80 | 29.20 | 22.00 |
Serbia | 5.60 | 5.60 | 5.60 | 5.50 | 5.40 | 5.10 | 4.75 | 4.25 |
Russia | 8.30 | 8.30 | 8.30 | 8.50 | 8.50 | 8.50 | 8.00 | 6.50 |
Kazakhstan | 17.75 | 17.00 | 16.00 | 15.00 | 14.00 | 13.00 | 12.00 | 10.00 |
China* | 2.40 | 2.40 | 2.50 | 2.55 | 2.60 | 2.65 | 2.70 | 2.95 |
India | 6.65 | 6.60 | 5.90 | 5.40 | 5.10 | 5.15 | 5.15 | 5.65 |
Indonesia | 5.80 | 5.85 | 5.70 | 5.90 | 5.85 | 5.75 | 5.60 | 6.00 |
Korea | 3.50 | 3.40 | 3.10 | 2.90 | 2.75 | 2.50 | 2.60 | 3.10 |
Philippines* | 5.95 | 5.70 | 5.60 | 5.40 | 5.30 | 5.10 | 5.00 | 5.50 |
Singapore | 4.10 | 4.00 | 3.90 | 3.60 | 3.55 | 3.40 | 3.25 | 3.50 |
Taiwan* | 1.49 | 1.49 | 1.24 | 1.12 | 0.99 | 0.87 | 0.87 | 0.87 |
*3-month Shanghai interbank rate for China; T-bill rate for the Philippines and CP rate for Taiwan; and 3-month interbank rates for others.
10-year yields
(%) end period | 2Q23F | 3Q23F | 4Q23F | 1Q24F | 2Q24F | 3Q24F | 4Q24F | 4Q25F |
---|---|---|---|---|---|---|---|---|
US: Fed funds | 5.25 | 5.25 | 4.25 | 3.25 | 3.00 | 3.00 | 3.00 | 3.00 |
3M | 5.20 | 5.20 | 4.20 | 3.20 | 3.00 | 3.00 | 3.00 | 3.00 |
2Y | 4.50 | 3.90 | 3.30 | 3.10 | 2.95 | 3.00 | 3.00 | 3.10 |
5Y | 4.05 | 3.55 | 3.05 | 3.05 | 3.00 | 3.00 | 3.15 | 3.60 |
10Y | 4.00 | 3.50 | 3.00 | 3.00 | 3.00 | 3.00 | 3.25 | 4.00 |
30Y | 4.10 | 3.80 | 3.40 | 3.40 | 3.40 | 3.40 | 3.65 | 4.40 |
EU12: ECB refi* | 4.00 | 4.25 | 4.25 | 4.25 | 3.75 | 3.50 | 3.25 | 3.00 |
3M | 3.60 | 3.80 | 3.70 | 3.60 | 3.30 | 3.10 | 2.90 | 2.80 |
2Y | 2.85 | 2.65 | 2.55 | 2.45 | 2.45 | 2.45 | 2.45 | 2.50 |
5Y | 2.40 | 2.35 | 2.30 | 2.25 | 2.25 | 2.25 | 2.35 | 2.45 |
10Y | 2.50 | 2.30 | 2.20 | 2.10 | 2.10 | 2.10 | 2.20 | 2.50 |
30Y | 2.65 | 2.45 | 2.40 | 2.30 | 2.35 | 2.35 | 2.50 | 2.80 |
Japan | 0.50 | 0.75 | 0.75 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
France | 3.10 | 2.95 | 2.75 | 2.65 | 2.65 | 2.65 | 2.75 | 3.05 |
Italy | 4.50 | 4.50 | 4.20 | 4.10 | 4.10 | 4.10 | 4.20 | 4.50 |
Spain | 3.60 | 3.45 | 3.25 | 3.15 | 3.15 | 3.15 | 3.25 | 3.55 |
UK | 4.20 | 3.50 | 3.00 | 3.00 | 3.00 | 3.00 | 3.10 | 3.50 |
Netherlands | 2.85 | 2.65 | 2.50 | 2.40 | 2.40 | 2.40 | 2.50 | 2.80 |
Belgium | 3.15 | 3.00 | 2.85 | 2.75 | 2.75 | 2.75 | 2.85 | 3.15 |
Austria | 3.15 | 3.00 | 2.85 | 2.75 | 2.75 | 2.75 | 2.85 | 3.15 |
Ireland | 3.00 | 2.80 | 2.65 | 2.55 | 2.55 | 2.55 | 2.65 | 2.95 |
Portugal | 3.40 | 3.30 | 3.10 | 3.00 | 3.00 | 3.00 | 3.10 | 3.40 |
Switzerland | 1.20 | 1.15 | 1.15 | 1.10 | 1.10 | 1.15 | 1.30 | 1.60 |
Sweden | 2.50 | 2.30 | 2.30 | 2.30 | 2.40 | 2.40 | 2.50 | 2.80 |
Norway | 3.60 | 3.20 | 2.80 | 2.90 | 3.00 | 3.00 | 3.25 | 4.00 |
Finland | 3.15 | 3.00 | 2.85 | 2.75 | 2.75 | 2.75 | 2.85 | 3.15 |
Canada | 3.50 | 3.40 | 3.20 | 3.00 | 3.00 | 3.00 | 3.25 | 3.75 |
Australia | 3.60 | 3.30 | 3.25 | 3.20 | 3.00 | 2.90 | 3.20 | 3.40 |
Bulgaria | 4.60 | 4.90 | 5.00 | 5.00 | 4.75 | 4.50 | 4.50 | 4.25 |
Hungary | 7.60 | 7.25 | 7.05 | 7.05 | 7.00 | 6.80 | 6.75 | 6.25 |
Poland | 6.00 | 6.10 | 5.95 | 5.95 | 5.95 | 5.90 | 5.75 | 5.40 |
Romania | 7.10 | 7.15 | 7.15 | 7.10 | 7.00 | 6.90 | 6.90 | 6.25 |
Russia | 10.80 | 10.90 | 11.00 | 10.90 | 11.00 | 11.00 | 10.90 | 9.50 |
Turkey | 14.40 | 19.30 | 28.30 | 27.70 | 27.50 | 26.80 | 26.60 | 23.50 |
China | 3.00 | 3.15 | 3.20 | 3.35 | 3.50 | 3.65 | 3.80 | 4.25 |
India | 7.00 | 6.80 | 6.60 | 6.40 | 6.70 | 6.60 | 6.60 | 6.90 |
Indonesia | 6.50 | 6.40 | 6.40 | 6.20 | 6.30 | 6.40 | 6.20 | 6.50 |
Korea | 3.50 | 3.30 | 3.00 | 3.00 | 3.00 | 3.10 | 3.25 | 3.00 |
Philippines | 5.90 | 5.75 | 5.50 | 5.80 | 5.50 | 5.80 | 5.70 | 6.00 |
Singapore | 2.80 | 2.50 | 2.30 | 2.20 | 2.20 | 2.10 | 2.25 | 2.00 |
Taiwan | 1.20 | 1.20 | 0.95 | 0.83 | 0.70 | 0.58 | 0.58 | 0.58 |
*Apart from ECB refi rate, all Eurozone bond yield forecasts refer to German bund yields
FX
end period | 2Q23F | 3Q23F | 4Q23F | 1Q24F | 2Q24F | 3Q24F | 4Q24F | 4Q25F | |
---|---|---|---|---|---|---|---|---|---|
Euro | EUR/USD | 1.08 | 1.13 | 1.18 | 1.20 | 1.17 | 1.15 | 1.15 | 1.15 |
Japan | USD/JPY | 135.0 | 130.0 | 125.0 | 120.0 | 120.0 | 118.0 | 115.0 | 115.0 |
UK | GBP/USD | 1.24 | 1.28 | 1.33 | 1.35 | 1.33 | 1.31 | 1.31 | 1.31 |
Japan | EUR/JPY | 146.00 | 147.00 | 148.00 | 144.00 | 138.00 | 132.25 | 132.25 | 132.25 |
UK | EUR/GBP | 0.87 | 0.88 | 0.89 | 0.89 | 0.88 | 0.88 | 0.88 | 0.88 |
Canada | USD/CAD | 1.35 | 1.30 | 1.28 | 1.26 | 1.25 | 1.25 | 1.25 | 1.25 |
Australia | AUD/USD | 0.67 | 0.70 | 0.72 | 0.74 | 0.75 | 0.73 | 0.72 | 0.75 |
New Zealand | NZD/USD | 0.61 | 0.63 | 0.65 | 0.67 | 0.68 | 0.69 | 0.70 | 0.68 |
Switzerland | EUR/CHF | 0.97 | 0.96 | 0.97 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Sweden | EUR/SEK | 11.65 | 11.40 | 11.15 | 11.00 | 10.90 | 10.80 | 10.80 | 10.50 |
Norway | EUR/NOK | 11.80 | 11.40 | 11.00 | 10.80 | 10.70 | 10.30 | 10.30 | 9.70 |
Denmark | EUR/DKK | 7.45 | 7.46 | 7.46 | 7.46 | 7.46 | 7.46 | 7.46 | 7.46 |
Serbia | EUR/RSD | 117.29 | 117.30 | 117.31 | 117.30 | 117.31 | 117.33 | 117.34 | 117.29 |
Hungary | EUR/HUF | 370 | 378 | 372 | 368 | 365 | 365 | 370 | 370 |
Poland | EUR/PLN | 4.50 | 4.43 | 4.45 | 4.48 | 4.52 | 4.52 | 4.51 | 4.50 |
Romania | EUR/RON | 4.98 | 4.97 | 5.02 | 5.02 | 5.05 | 5.05 | 5.09 | 5.15 |
Turkey | USD/TRY | 21.50 | 25.00 | 26.00 | 27.60 | 28.40 | 28.80 | 29.00 | 32.00 |
South Africa | USD/ZAR | 19.50 | 19.00 | 18.50 | 18.00 | 17.75 | 17.50 | 17.00 | 17.00 |
Israel | USD/ILS | 3.75 | 3.70 | 3.60 | 3.50 | 3.40 | 3.30 | 3.20 | 3.00 |
Russia | USD/RUB | 78.00 | 81.00 | 85.00 | 80.00 | 85.00 | 90.00 | 95.00 | 100.00 |
EUR/RUB | 85.80 | 93.15 | 102.00 | 96.00 | 99.45 | 103.50 | 109.25 | 115.00 | |
Kazakhstan | USD/KZT | 455.00 | 460.00 | 465.00 | 470.00 | 470.00 | 475.00 | 480.00 | 500.00 |
Azerbaijan | USD/AZN | 1.70 | 1.70 | 1.70 | 1.70 | 1.70 | 1.70 | 1.70 | 1.70 |
Brazil | USD/BRL | 5.10 | 5.20 | 5.20 | 5.25 | 5.30 | 5.40 | 5.50 | 5.50 |
Mexico | USD/MXN | 17.50 | 17.25 | 17.00 | 16.75 | 16.50 | 16.25 | 16.00 | 16.00 |
Chile | USD/CLP | 820.0 | 800.0 | 800.0 | 800.0 | 800.0 | 800.0 | 800.0 | 800.0 |
China | USD/CNY | 6.90 | 6.75 | 6.60 | 6.45 | 6.35 | 6.30 | 6.40 | 6.20 |
India | USD/INR | 82.00 | 81.00 | 80.00 | 82.00 | 83.00 | 84.00 | 84.00 | 85.00 |
Indonesia | USD/IDR | 14850 | 14600 | 14500 | 14550 | 14300 | 14600 | 14900 | 14750 |
Korea | USD/KRW | 1280 | 1230 | 1280 | 1200 | 1180 | 1180 | 1150 | 1150 |
Philippines | USD/PHP | 55.90 | 55.30 | 54.80 | 54.10 | 54.50 | 54.80 | 54.20 | 52.50 |
Singapore | USD/SGD | 1.35 | 1.32 | 1.30 | 1.31 | 1.30 | 1.31 | 1.30 | 1.32 |
Taiwan | USD/TWD | 30.70 | 30.50 | 29.00 | 28.50 | 27.80 | 27.30 | 28.50 | 27.50 |
Commodities
Oil and Natural Gas Forecasts (avg)
2Q23F | 3Q23F | 4Q23F | 1Q24F | 2023F | 2024F | 2025F | |
Brent ($/bbl) | 84.0 | 93.0 | 99.0 | 95.0 | 90.0 | 89.0 | 75.0 |
---|---|---|---|---|---|---|---|
Dutch TTF (EUR/MWh) | 35.0 | 32.0 | 50.0 | 60.0 | 43.0 | 52.0 | 50.0 |
Metal Forecasts (avg)
2Q23F | 3Q23F | 4Q23F | 1Q24F | 2023F | 2024F | 2025F | ||
Copper ($/tonne) | 8400 | 8300 | 8500 | 8700 | 8500 | 8850 | 9300 | |
---|---|---|---|---|---|---|---|---|
Aluminium ($/tonne) | 2300 | 2400.0 | 2450 | 2550 | 2400 | 2650 | 2800 | |
Nickel ($/tonne) | 22000 | 21000 | 20000 | 20000 | 22250 | 20000 | 23000 | |
Zinc ($/tonne) | 2550 | 2500 | 2650 | 2700 | 2700 | 2800 | 2900 | |
Lead ($/tonne) | 2110 | 2100 | 2150 | 2200 | 2100 | 2150 | 2100 | |
Gold ($/Oz) | 2000 | 2050 | 2100 | 2100 | 2010 | 2100 | 2000 | |
Silver ($/Oz) | 25.0 | 25.0 | 26.0 | 26.0 | 24.5 | 25.5 | 24.0 | |
Iron Ore ($/tonne) | 100.0 | 105.0 | 100.0 | 95.0 | 106.0 | 95.0 | 90.0 |