According to the IMF, growth will diminish to 3.6 per cent in Latin America, 7.5 per cent in China and 5.5 per cent in the other emerging Asian economies; at world level, the expansion in GDP is forecast at 4.3 per cent. In the euro area, the cyclical indicators weakened during the autumn.
In November manufacturing output registered its second consecutive decline, reflecting the contraction in activity in Germany and Italy and stagnation in France. Indicators of the climate of confidence have not yet signaled a clear reversal of trend in the expectations of households and firms in the main countries, except in Germany, where the last few months have seen an improvement.