Date 01 January 2024 Monthly update ________________________________________________________________________________________________________________ Deutsche Bank AG/London Research team forecasts@list.db.com DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 041/10/2023. The House View - Macro Forecasts is part of The House View suite of products. This report summarizes macroeconomic, fixed income, foreign exchange and commodities forecasts published by Deutsche Bank Research. All forecasts have been published previously; please note no changes are first published in this report. Visit our client portal at http://research.db.com for the reports in which forecasts get first published. All forecasts are up to date as of 4:00am UK time on the day of publication.Changesrelative to the previous monthly edition are highlighted(blue figures denote upward, blue/underlined figures denote downward revisions). Distributed on: 01/01/2024 04:22:11 GMT7T2se3r0Ot6kwoPa01 January 2024The House View - Macro Forecasts: Monthly update Real GDP, Consumer Price Inflation, Current Account, Fiscal BalanceReal GDPConsumer Price InflationCurrent AccountFiscal Balance(% growth)(% yoy)(% of GDP)(% of GDP)2022 2023E 2024F 2025F2022 2023E 2024F 2025F2022 2023E 2024F 2025F2022 2023E 2024F 2025FDeveloped MarketsUnited States1.92.40.71.98.04.12.22.4-3.7-3.2-3.5-3.5-5.4-6.2-6.0-6.0Japan0.91.70.61.02.53.22.92.01.83.64.04.6-7.1-5.1-5.2-3.6Euroland3.40.40.21.58.45.52.12.3-0.71.11.51.6-3.6-3.5-3.2-3.0 Germany1.8-0.3-0.20.98.76.22.62.24.25.95.95.5-2.5-2.0-1.6-1.6 France2.50.80.41.45.95.82.32.1-2.0-1.4-0.5-0.5-4.7-4.8-4.9-4.6 Italy3.90.70.21.28.76.22.02.0-1.50.71.00.9-8.0-5.4-5.0-4.1 Spain5.82.21.01.98.33.52.52.00.61.62.02.0-4.7-4.1-3.4-3.1 Netherlands4.30.10.21.711.64.32.32.49.37.57.58.0-0.1-1.0-1.8-2.0 Belgium3.01.40.51.510.32.32.62.3-0.8-0.30.0-5.0-5.0-5.0 Austria4.3-0.5-0.11.98.67.92.22.4-0.30.50.50.8-3.5-2.5-2.3-2.0 Finland1.6-0.10.21.77.24.61.82.1-1.8-1.0-0.8-2.5-2.8-3.0 Greece5.72.21.22.09.34.32.42.0-7.0-6.0-5.0-2.3-1.0-1.0 Portugal6.82.20.61.78.15.62.22.11.51.00.80.50.00.0 Ireland9.5-2.1-0.31.88.15.31.82.310.010.09.01.31.01.0Other Advanced Economies United Kingdom4.30.50.31.29.17.43.41.9-3.1-1.9-1.5-0.9-5.0-4.4-3.3-3.0 Denmark2.71.31.31.58.54.02.62.013.411.010.010.03.31.81.00.6 Norway3.01.40.71.35.85.73.02.530.322.020.016.025.420.019.019.0 Sweden3.0-0.50.52.08.16.52.52.05.85.05.05.01.1-0.1-0.5-0.2 Switzerland2.70.81.51.52.82.21.61.49.48.08.08.0-0.40.20.20.2 Canada3.81.20.82.65.03.92.92.20.10.10.10.1-2.0-1.4-1.2-0.9 Australia3.82.01.42.06.65.74.13.21.00.50.50.5-0.60.5-0.4-1.0 New Zealand2.40.70.51.77.25.83.22.1-2.7-2.5-2.7-1.4Emerging MarketsAsia (ex Japan)4.15.04.84.73.82.42.22.51.41.41.11.1-4.7-4.3-4.7-4.2 China3.05.24.74.52.00.30.91.52.21.91.41.5-4.7-4.3-5.3-5.0 Hong Kong-3.53.53.02.61.92.12.21.910.07.87.57.4-12.9-8.9-6.2-5.0 India6.76.96.06.06.75.74.64.6-2.4-1.6-1.9-1.9-6.4-5.9-5.3-4.5 Indonesia5.35.05.05.24.23.63.13.01.00.1-0.7-1.0-2.4-2.3-2.5-2.6 South Korea2.61.32.12.25.13.72.72.21.81.62.21.7-3.0-1.5-1.6-0.7 Malaysia8.74.14.34.53.42.63.02.83.12.32.41.8-5.6-5.0-4.5-4.6 Philip...
