J.P.Morgan Chase S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L Major Trends in the Global Economy Prof. Jacob A. Frenkel Chairman, JPMorgan.

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Presentation transcript:

J.P.Morgan Chase S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L Major Trends in the Global Economy Prof. Jacob A. Frenkel Chairman, JPMorgan Chase International Former Governor, Bank of Israel Herzliya Conference March 13, 2013

2 J.P.Morgan Chase 3/8/2013 Real GDP Growth, World Economy

3 J.P.Morgan Chase 3/8/2013 Global GDP Shares

4 J.P.Morgan Chase 3/8/2013 China’s Role in Global Trade (bill. Usd) U.S.&EU People’s Republic of China Exports Imports Imports Exports Asia

5 J.P.Morgan Chase 3/8/2013 Gross National Savings as a % of GDP, 2010

6 J.P.Morgan Chase 3/8/2013 China Foreign Exchange Reserves

3/8/ Crisis of the Euro Area Diverging Unemployment Rates Diverging Unemployment Rates Diverging Competitiveness Diverging Competitiveness

8 J.P.Morgan Chase 3/8/2013 Unemployment Rate: Euro Area Countries

9 J.P.Morgan Chase 3/8/2013 Unit Labor Cost: Euro Area Countries Source: OECD, forecast for 2012 & 2013 Note: Labor cost per unit of output for the total economy

3/8/ Monetary Policy Central Banks’ Policy Rates Central Banks’ Policy Rates Central Banks’ Balance Sheets Central Banks’ Balance Sheets

11 J.P.Morgan Chase 3/8/2013 Central Bank Policy Rates

12 J.P.Morgan Chase 3/8/2013 Assets of Key Central Banks (Indexed Levels)

3/8/ Budget Deficit Budget Deficit Federal Debt Federal Debt US Fiscal Challenge

14 J.P.Morgan Chase 3/8/2013 U.S. Government Deficit as % of GDP

3/8/ US Federal Debt: Pre- and Post- Cliff

3/8/ Evolution of the US Federal Deficit

3/8/ Evolution of US Federal Debt

3/8/ Demographic Trends

19 J.P.Morgan Chase 3/8/2013 Age Distribution: Japan

20 J.P.Morgan Chase 3/8/2013 Age Distribution: China

21 J.P.Morgan Chase 3/8/2013 Age Distribution: India

22 J.P.Morgan Chase 3/8/2013 Age Distribution: Africa