Forecasts
Our global economic and financial forecasts
Find out what our economists and strategists are expecting over coming quarters.
Growth (GDP)
Last updated: 4th December
| QoQ% Annualised (avg) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|
| US | 3.1 | 0.8 | 2.0 | 1.4 | 1.8 | 2.3 | 2.0 | 1.9 | 2.2 |
| Japan | -1.8 | 0.8 | 2.8 | 2.0 | 1.6 | 1.6 | 1.3 | 1.4 | 1.1 |
| Germany | 0.0 | -0.3 | 1.2 | 1.2 | 1.6 | 1.9 | 0.2 | 0.9 | 1.9 |
| France | 4.6 | 0.4 | 0.4 | 0.8 | 0.8 | 1.2 | 0.8 | 0.9 | 1.2 |
| UK | 0.4 | 0.7 | 1.3 | 0.8 | 1.0 | 1.0 | 1.4 | 0.9 | 1.1 |
| Italy | 0.5 | 0.7 | 0.7 | 1.0 | 1.3 | 1.2 | 0.6 | 0.8 | 0.9 |
| Canada | 2.6 | -0.1 | 1.2 | 1.5 | 2.3 | 2.5 | 1.6 | 1.2 | 2.2 |
| Australia | 2.0 | 1.9 | 2.1 | 2.2 | 2.3 | 2.2 | 1.8 | 2.2 | 2.5 |
| Eurozone | 0.9 | 0.6 | 0.9 | 1.3 | 1.7 | 1.8 | 1.4 | 1.2 | 1.6 |
| Austria | 0.4 | 1.0 | 1.2 | 1.4 | 1.6 | 1.8 | 0.5 | 1.1 | 1.7 |
| Spain | 2.6 | 2.5 | 2.2 | 1.8 | 2.0 | 2.0 | 2.9 | 2.2 | 2.2 |
| Netherlands | 1.5 | 0.7 | 1.4 | 1.2 | 1.5 | 1.6 | 1.7 | 1.3 | 1.5 |
| Belgium | 1.2 | 0.8 | 0.8 | 0.8 | 1.2 | 1.2 | 1.0 | 0.9 | 1.3 |
| Greece | 2.0 | 1.9 | 0.8 | 2.4 | 2.4 | 2.3 | 1.9 | 1.9 | 2.1 |
| Portugal | 3.3 | 2.2 | 2.0 | 2.0 | 2.5 | 2.5 | 1.8 | 2.2 | 2.2 |
| Switzerland | -2.1 | 1.2 | 1.2 | 1.6 | 1.6 | 0.8 | 1.2 | 0.8 | 1.1 |
| Sweden | 1.0 | 1.0 | 1.3 | 1.2 | 1.3 | 1.3 | 1.0 | 1.2 | 1.4 |
| YoY% (avg) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|
| Bulgaria | 3.4 | 3.2 | 3.1 | 2.9 | 2.7 | 2.5 | 3.2 | 2.9 | 2.5 |
| Croatia | 2.3 | 1.9 | 2.3 | 1.9 | 2.0 | 1.8 | 2.7 | 2.0 | 1.7 |
| Czech Republic | 2.8 | 2.5 | 2.5 | 2.8 | 2.6 | 2.7 | 2.6 | 2.7 | 2.7 |
| Hungary | 0.6 | 1.3 | 2.3 | 2.0 | 2.4 | 2.4 | 0.7 | 2.3 | 2.8 |
| Poland | 3.8 | 3.9 | 3.8 | 3.8 | 3.6 | 3.7 | 3.6 | 3.7 | 3.2 |
| Romania | 1.2 | 0.4 | 0.8 | 0.4 | 1.3 | 2.5 | 1.1 | 1.4 | 2.8 |
| Turkey | 3.7 | 4.0 | 3.5 | 3.7 | 3.9 | 4.5 | 3.8 | 4.0 | 4.5 |
| Serbia | 2.0 | 1.9 | 3.1 | 3.1 | 3.5 | 3.2 | 2.0 | 3.3 | 3.7 |
| Azerbaijan | 0.9 | 2.5 | 4.0 | 2.5 | 3.5 | 1.0 | 1.6 | 2.8 | 2.0 |
| Kazakhstan | 6.3 | 5.3 | 3.5 | 4.5 | 5.0 | 6.0 | 6.0 | 4.8 | 4.0 |
| Russia | 0.6 | 0.2 | 1.0 | 1.0 | 0.5 | -0.5 | 0.8 | 0.5 | 0.8 |
| Ukraine | 2.3 | 3.9 | 2.1 | 2.6 | 2.5 | 2.8 | 1.8 | 2.5 | 3.4 |
| China | 4.8 | 4.5 | 4.6 | 4.6 | 4.7 | 4.5 | 5.0 | 4.6 | 4.5 |
| India | 8.2 | 7.0 | 6.5 | 6.5 | 6.4 | 6.4 | 7.6 | 6.5 | 6.5 |
| Indonesia | 4.7 | 4.7 | 4.8 | 4.9 | 5.0 | 5.0 | 4.8 | 4.9 | 5.0 |
| Korea | 1.8 | 2.3 | 2.7 | 2.4 | 1.4 | 1.4 | 1.2 | 2.0 | 1.7 |
| Philippines | 4.0 | 4.0 | 5.2 | 5.2 | 5.5 | 5.5 | 4.7 | 5.4 | 6.0 |
| Singapore | 4.2 | 1.0 | 1.0 | 1.5 | 2.0 | 2.0 | 3.4 | 1.6 | 1.8 |
| Taiwan | 7.6 | 5.9 | 5.9 | 2.6 | 2.8 | 4.0 | 6.7 | 3.8 | 2.9 |
Inflation (CPI)
Last updated: 4th December
| YoY% (avg) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|
| US | 2.9 | 3.1 | 2.9 | 3.0 | 2.8 | 2.3 | 2.8 | 2.8 | 2.1 |
| Japan | 2.9 | 2.7 | 1.7 | 1.4 | 1.4 | 1.2 | 3.2 | 1.4 | 1.8 |
| Germany | 2.1 | 2.4 | 2.1 | 2.4 | 2.3 | 2.2 | 2.3 | 2.3 | 2.2 |
| France | 0.9 | 1.2 | 1.4 | 1.8 | 1.7 | 1.8 | 1.0 | 1.7 | 1.7 |
| UK | 3.8 | 3.6 | 3.1 | 2.1 | 2.3 | 2.2 | 3.4 | 2.4 | 2.4 |
| Italy | 1.7 | 1.2 | 1.2 | 1.5 | 1.7 | 2.0 | 1.7 | 1.6 | 1.9 |
| Canada | 2.0 | 2.5 | 2.2 | 1.7 | 1.8 | 1.9 | 2.1 | 1.9 | 2.0 |
| Australia | 3.2 | 3.4 | 3.0 | 3.0 | 2.8 | 2.4 | 2.8 | 2.8 | 2.5 |
| Eurozone | 2.1 | 1.8 | 1.8 | 1.9 | 1.8 | 1.9 | 2.1 | 1.9 | 2.0 |
| Austria | 3.9 | 3.0 | 2.1 | 2.1 | 2.2 | 2.2 | 3.4 | 2.2 | 2.1 |
| Spain | 2.8 | 2.7 | 2.2 | 2.2 | 2.3 | 2.4 | 2.6 | 2.2 | 2.2 |
| Netherlands | 2.7 | 2.9 | 2.4 | 2.2 | 2.2 | 2.0 | 3.0 | 2.2 | 2.1 |
| Belgium | 2.0 | 2.1 | 1.5 | 1.8 | 2.1 | 2.1 | 2.6 | 1.9 | 2.2 |
| Greece | 2.9 | 1.6 | 1.7 | 1.6 | 2.0 | 2.3 | 2.7 | 1.9 | 2.1 |
| Portugal | 2.3 | 2.1 | 2.1 | 2.2 | 2.2 | 2.3 | 2.0 | 2.2 | 2.0 |
| Switzerland | 0.2 | 0.1 | 0.2 | 0.4 | 0.5 | 0.5 | 0.2 | 0.4 | 0.7 |
| Sweden | 2.8 | 2.6 | 1.6 | 2.0 | 2.0 | 1.9 | 2.5 | 2.0 | 2.0 |
| Bulgaria | 5.4 | 5.1 | 2.9 | 3.2 | 1.6 | 1.8 | 4.6 | 2.4 | 2.4 |
| Croatia | 4.1 | 3.2 | 2.6 | 2.8 | 1.9 | 2.5 | 3.6 | 2.5 | 2.6 |
| Czech Republic | 2.5 | 2.6 | 2.1 | 2.2 | 2.0 | 2.1 | 2.6 | 2.1 | 2.3 |
| Hungary | 4.3 | 3.7 | 2.0 | 3.1 | 3.7 | 4.8 | 4.4 | 3.4 | 4.3 |
| Poland | 3.0 | 2.6 | 2.3 | 2.5 | 2.1 | 2.5 | 3.6 | 2.4 | 2.2 |
| Romania | 9.2 | 9.7 | 9.1 | 9.4 | 5.1 | 4.5 | 7.3 | 7.0 | 4.1 |
| Turkey | 33.3 | 31.0 | 27.4 | 24.6 | 22.5 | 22.0 | 34.9 | 24.6 | 18.9 |
| Serbia | 4.2 | 2.7 | 2.6 | 2.8 | 3.3 | 3.4 | 3.9 | 2.8 | 3.8 |
| Azerbaijan | 5.2 | 5.8 | 5.7 | 5.9 | 5.7 | 5.7 | 5.7 | 5.7 | 8.9 |
| Kazakhstan | 12.3 | 12.6 | 14.5 | 13.8 | 12.2 | 11.4 | 11.4 | 13.0 | 6.8 |
| Russia | 8.3 | 7.1 | 7.3 | 7.4 | 7.0 | 5.8 | 8.8 | 6.9 | 4.9 |
| Ukraine | 13.5 | 10.5 | 9.2 | 8.5 | 7.5 | 7.0 | 13.2 | 8.1 | 6.2 |
| China | -0.2 | 0.3 | 1.1 | 0.5 | 0.9 | 1.0 | 0.0 | 0.9 | 1.2 |
| India | 1.8 | 1.1 | 2.8 | 3.5 | 3.5 | 4.8 | 2.3 | 3.7 | 5.0 |
| Indonesia | 2.4 | 2.5 | 3.0 | 2.3 | 2.5 | 2.5 | 1.8 | 2.6 | 2.5 |
| Korea | 2.0 | 2.2 | 1.8 | 1.9 | 1.9 | 1.8 | 2.1 | 1.9 | 2.0 |
| Philippines | 1.4 | 2.0 | 2.5 | 3.0 | 3.2 | 3.0 | 1.8 | 3.0 | 3.0 |
| Singapore | 0.6 | 0.6 | 1.0 | 1.2 | 1.3 | 1.5 | 0.8 | 1.3 | 2.0 |
| Taiwan | 1.5 | 1.3 | 1.0 | 1.4 | 1.4 | 1.6 | 1.6 | 1.4 | 1.5 |
Policy rates
Last updated: 4th December
| G10 (%, eop) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|
| US (upper bound) | 4.25 | 3.75 | 3.50 | 3.25 | 3.25 | 3.25 | 3.75 | 3.25 | 3.25 |
| Eurozone (deposit rate) | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Japan (upper bound) | 0.50 | 0.75 | 0.75 | 0.75 | 0.75 | 1.00 | 0.75 | 1.00 | 1.50 |
| UK | 4.00 | 3.75 | 3.50 | 3.25 | 3.25 | 3.25 | 3.75 | 3.25 | 3.25 |
| Switzerland | 0.00 | 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 | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 |
| Norway | 4.00 | 4.00 | 3.75 | 3.50 | 3.25 | 3.25 | 4.00 | 3.25 | 3.25 |
| Canada | 2.50 | 2.25 | 2.00 | 2.00 | 2.00 | 2.00 | 2.25 | 2.00 | 3.00 |
| Australia | 3.60 | 3.60 | 3.60 | 3.60 | 3.60 | 3.60 | 3.60 | 3.60 | 2.60 |
| EMEA (%, eop) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
| Czech Republic | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 |
| Hungary | 6.50 | 6.50 | 6.50 | 6.50 | 6.25 | 6.00 | 6.50 | 6.00 | 4.50 |
| Poland | 4.75 | 4.00 | 3.75 | 3.50 | 3.25 | 3.25 | 4.00 | 3.25 | 3.25 |
| Romania | 6.50 | 6.50 | 6.50 | 6.25 | 6.00 | 5.50 | 6.50 | 5.50 | 4.50 |
| Turkey | 40.50 | 38.50 | 35.50 | 32.50 | 29.50 | 27.00 | 38.50 | 27.00 | 21.00 |
| Serbia | 5.75 | 5.75 | 5.50 | 5.25 | 5.00 | 5.00 | 5.75 | 5.00 | 4.50 |
| Azerbaijan | 7.00 | 7.00 | 7.25 | 7.25 | 7.50 | 8.00 | 7.00 | 8.00 | 10.50 |
| Kazakhstan | 16.50 | 18.00 | 19.00 | 18.00 | 17.50 | 17.00 | 18.00 | 17.00 | 13.50 |
| Russia | 17.00 | 16.00 | 16.00 | 16.00 | 15.00 | 13.00 | 16.00 | 13.00 | 7.50 |
| Ukraine | 15.50 | 15.00 | 14.50 | 14.00 | 13.00 | 13.00 | 15.00 | 13.00 | 11.50 |
| Asia (%, eop) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
| China (7 day reverse repo rate) | 1.40 | 1.40 | 1.30 | 1.30 | 1.20 | 1.20 | 1.40 | 1.20 | 1.20 |
| India | 5.50 | 5.25 | 5.00 | 5.00 | 5.00 | 5.00 | 5.25 | 5.00 | 5.50 |
| Indonesia | 4.75 | 4.50 | 4.25 | 4.25 | 4.25 | 4.25 | 4.50 | 4.25 | 5.25 |
| Korea | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 |
| Philippines | 5.00 | 4.50 | 4.25 | 4.25 | 4.25 | 4.25 | 4.50 | 4.25 | 5.00 |
| Taiwan | 2.00 | 2.00 | 2.00 | 1.88 | 1.88 | 1.88 | 2.00 | 1.88 | 1.88 |
3 month rates
Last updated: 4th December
| G10 (%, eop) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|
| US | 4.20 | 3.70 | 3.50 | 3.30 | 3.30 | 3.30 | 3.70 | 3.30 | 3.30 |
| Eurozone | 2.00 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 |
| Japan | 0.80 | 0.90 | 1.00 | 1.00 | 1.10 | 1.20 | 0.90 | 1.20 | 1.70 |
| UK | 3.95 | 3.90 | 3.70 | 3.35 | 3.20 | 3.20 | 3.90 | 3.20 | 3.20 |
| Switzerland | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Canada | 2.60 | 2.30 | 2.10 | 2.10 | 2.10 | 2.10 | 2.30 | 2.30 | 3.10 |
| Australia | 3.65 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.70 | 3.50 | 3.50 |
| EMEA (%, eop) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
| Czech Republic | 3.51 | 3.57 | 3.59 | 3.60 | 3.60 | 3.60 | 3.57 | 3.60 | 3.62 |
| Hungary | 6.50 | 6.50 | 6.50 | 6.50 | 6.10 | 5.85 | 6.50 | 5.85 | 4.35 |
| Poland | 4.72 | 4.08 | 3.83 | 3.58 | 3.33 | 3.33 | 4.08 | 3.33 | 3.33 |
| Romania | 6.50 | 6.20 | 6.20 | 5.75 | 5.25 | 5.00 | 6.20 | 5.00 | 4.00 |
| Turkey | 42.58 | 38.89 | 35.31 | 32.43 | 29.37 | 27.75 | 38.89 | 27.75 | 20.33 |
| Serbia | 4.70 | 4.70 | 4.50 | 4.25 | 4.00 | 4.00 | 4.70 | 4.00 | 3.90 |
| Kazakhstan | 16.09 | 17.80 | 18.80 | 17.80 | 17.30 | 16.80 | 17.80 | 16.80 | 13.30 |
| Russia | 14.48 | 15.50 | 15.50 | 15.75 | 14.90 | 13.00 | 15.50 | 13.00 | 7.50 |
| Asia (%, eop) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
| China* | 1.58 | 1.60 | 1.55 | 1.50 | 1.50 | 1.45 | 1.60 | 1.45 | 1.45 |
| India | 6.55 | 6.30 | 6.10 | 6.10 | 6.10 | 6.10 | 6.30 | 6.10 | 6.50 |
| Indonesia | 5.60 | 5.50 | 5.30 | 5.30 | 5.30 | 5.30 | 6.00 | 5.30 | 6.00 |
| Korea | 2.52 | 2.85 | 2.80 | 2.70 | 2.60 | 2.60 | 2.85 | 2.60 | 2.70 |
| Philippines* | 5.00 | 4.60 | 4.25 | 4.25 | 4.25 | 4.25 | 4.60 | 4.25 | 4.75 |
| Singapore | 2.30 | 1.80 | 1.80 | 1.80 | 1.80 | 1.80 | 1.80 | 1.80 | 2.50 |
| Taiwan* | 1.65 | 1.55 | 1.55 | 1.55 | 1.50 | 1.50 | 1.55 | 1.50 | 1.50 |
10-year yields
Last updated: 4th December
| G10 (%, eop) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|---|
| US: Fed funds | 4.25 | 3.75 | 3.50 | 3.25 | 3.25 | 3.25 | 3.75 | 3.25 | 3.25 |
| 3M | 4.20 | 3.70 | 3.50 | 3.30 | 3.30 | 3.30 | 3.70 | 3.30 | 3.30 |
| 2Y | 3.45 | 3.50 | 3.50 | 3.50 | 3.60 | 3.60 | 3.50 | 3.60 | 3.60 |
| 5Y | 3.55 | 3.70 | 4.00 | 4.00 | 3.90 | 3.90 | 3.70 | 3.90 | 3.70 |
| 10Y | 4.15 | 4.25 | 4.50 | 4.50 | 4.25 | 4.25 | 4.25 | 4.25 | 4.25 |
| 30Y | 4.60 | 4.90 | 5.05 | 5.05 | 4.75 | 4.75 | 4.90 | 4.75 | 4.75 |
| ECB deposit* | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| 3M | 2.00 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 |
| 2Y | 1.90 | 2.10 | 2.10 | 2.10 | 2.10 | 2.15 | 2.10 | 2.15 | 2.25 |
| 5Y | 2.20 | 2.45 | 2.45 | 2.50 | 2.55 | 2.65 | 2.45 | 2.65 | 2.75 |
| 10Y | 2.70 | 2.85 | 2.90 | 2.95 | 3.05 | 3.15 | 2.85 | 3.15 | 3.25 |
| 30Y | 3.30 | 3.50 | 3.60 | 3.65 | 3.70 | 3.80 | 3.50 | 3.80 | 3.85 |
| Japan | 1.65 | 1.90 | 1.80 | 1.90 | 2.10 | 2.10 | 1.90 | 2.10 | 2.50 |
| France | 3.50 | 3.60 | 3.65 | 3.75 | 3.85 | 4.00 | 3.60 | 4.00 | 4.05 |
| Italy | 3.55 | 3.60 | 3.65 | 3.75 | 3.85 | 3.95 | 3.60 | 3.95 | 4.00 |
| Spain | 3.30 | 3.35 | 3.40 | 3.45 | 3.55 | 3.60 | 3.35 | 3.60 | 3.70 |
| UK | 4.70 | 4.40 | 4.50 | 4.40 | 4.30 | 4.30 | 4.40 | 4.30 | 4.30 |
| Netherlands | 2.85 | 3.00 | 3.05 | 3.05 | 3.15 | 3.20 | 3.00 | 3.20 | 3.30 |
| Belgium | 3.30 | 3.40 | 3.45 | 3.50 | 3.60 | 3.70 | 3.40 | 3.70 | 3.80 |
| Austria | 3.05 | 3.15 | 3.20 | 3.25 | 3.35 | 3.45 | 3.15 | 3.45 | 3.55 |
| Ireland | 2.95 | 3.05 | 3.10 | 3.15 | 3.25 | 3.30 | 3.05 | 3.30 | 3.40 |
| Portugal | 3.15 | 3.20 | 3.25 | 3.30 | 3.40 | 3.50 | 3.20 | 3.50 | 3.55 |
| Switzerland | 0.30 | 0.20 | 0.30 | 0.40 | 0.50 | 0.50 | 0.20 | 0.50 | 0.60 |
| Sweden | 2.80 | 2.95 | 3.10 | 3.15 | 3.25 | 3.35 | 2.90 | 3.35 | 3.45 |
| Finland | 3.10 | 3.20 | 3.25 | 3.30 | 3.40 | 3.50 | 3.20 | 3.50 | 3.60 |
| Canada | 3.15 | 3.25 | 3.25 | 3.25 | 3.50 | 3.50 | 3.25 | 3.50 | 4.00 |
| Australia | 4.30 | 4.20 | 4.25 | 4.20 | 4.20 | 4.20 | 4.30 | 4.20 | 4.00 |
| EMEA (%, eop) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
| Bulgaria | 3.50 | 3.50 | 3.60 | 3.50 | 3.60 | 3.50 | 3.50 | 3.55 | 3.20 |
| Czech Republic | 4.54 | 4.54 | 4.37 | 4.29 | 4.21 | 4.21 | 4.54 | 4.21 | 4.31 |
| Hungary | 6.82 | 6.90 | 7.10 | 7.00 | 6.95 | 6.80 | 6.90 | 6.80 | 6.50 |
| Poland | 5.46 | 5.25 | 5.10 | 4.85 | 4.65 | 4.60 | 5.25 | 4.60 | 4.80 |
| Romania | 7.50 | 7.00 | 7.10 | 7.00 | 6.80 | 6.50 | 7.00 | 6.50 | 6.00 |
| Russia | 14.93 | 14.00 | 13.50 | 14.00 | 13.50 | 12.00 | 14.00 | 12.00 | 7.25 |
| Turkey | 31.54 | 30.74 | 28.05 | 26.12 | 24.60 | 23.34 | 30.74 | 23.34 | 17.79 |
| Asia (%, eop) | 3Q25F | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
| China | 1.87 | 1.85 | 1.90 | 1.90 | 1.95 | 2.00 | 1.85 | 2.00 | 2.15 |
| India | 6.60 | 6.50 | 6.30 | 6.30 | 6.30 | 6.20 | 6.50 | 6.30 | 6.50 |
| Indonesia | 6.30 | 6.30 | 6.10 | 6.10 | 6.00 | 6.00 | 6.70 | 6.10 | 6.60 |
| Korea | 2.96 | 3.40 | 3.25 | 3.15 | 3.00 | 3.15 | 3.40 | 3.15 | 3.15 |
| Philippines | 5.90 | 5.70 | 5.70 | 5.60 | 5.50 | 5.50 | 5.70 | 5.60 | 6.00 |
| Singapore | 1.90 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 | 2.10 | 2.70 |
| Taiwan | 1.50 | 1.50 | 1.50 | 1.50 | 1.45 | 1.45 | 1.50 | 1.45 | 1.60 |
FX
Last updated: 8th December
| G10 (eop) | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | |
|---|---|---|---|---|---|---|---|---|
| Euro | EUR/USD | 1.18 | 1.19 | 1.20 | 1.21 | 1.22 | 1.18 | 1.22 |
| Japan | USD/JPY | 152 | 152 | 150 | 150 | 148 | 152 | 148 |
| UK | GBP/USD | 1.34 | 1.35 | 1.35 | 1.36 | 1.36 | 1.34 | 1.36 |
| Japan | EUR/JPY | 179 | 181 | 180 | 182 | 181 | 179 | 181 |
| UK | EUR/GBP | 0.88 | 0.88 | 0.89 | 0.89 | 0.90 | 0.88 | 0.90 |
| Canada | USD/CAD | 1.38 | 1.38 | 1.39 | 1.38 | 1.36 | 1.40 | 1.36 |
| Australia | AUD/USD | 0.66 | 0.67 | 0.68 | 0.68 | 0.69 | 0.66 | 0.69 |
| New Zealand | NZD/USD | 0.58 | 0.58 | 0.59 | 0.59 | 0.60 | 0.58 | 0.60 |
| Switzerland | EUR/CHF | 0.93 | 0.92 | 0.93 | 0.94 | 0.95 | 0.92 | 0.95 |
| Sweden | EUR/SEK | 10.90 | 10.80 | 10.70 | 10.60 | 10.50 | 10.90 | 10.50 |
| Norway | EUR/NOK | 11.60 | 11.50 | 11.50 | 11.50 | 11.40 | 11.60 | 11.40 |
| Denmark | EUR/DKK | 7.47 | 7.46 | 7.46 | 7.46 | 7.46 | 7.47 | 7.46 |
| EMEA (eop) | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | |
| Serbia | EUR/RSD | 117.40 | 117.30 | 117.20 | 117.20 | 117.15 | 117.40 | 117.15 |
| Czech Republic | EUR/CZK | 24.16 | 24.11 | 24.05 | 23.99 | 23.94 | 24.16 | 23.94 |
| Hungary | EUR/HUF | 375 | 380 | 385 | 390 | 385 | 375 | 385 |
| Poland | EUR/PLN | 4.25 | 4.25 | 4.26 | 4.26 | 4.27 | 4.25 | 4.27 |
| Romania | EUR/RON | 5.09 | 5.09 | 5.10 | 5.15 | 5.15 | 5.09 | 5.15 |
| Turkey | USD/TRY | 43.00 | 45.19 | 47.24 | 49.18 | 51.00 | 43.00 | 51.00 |
| South Africa | USD/ZAR | 17.00 | 17.00 | 16.75 | 16.50 | 16.50 | 17.00 | 16.50 |
| Israel | USD/ILS | 3.25 | 3.25 | 3.20 | 3.15 | 3.10 | 3.25 | 3.10 |
| CIS (eop) | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | |
| Azerbaijan | USD/AZN | 1.70 | 1.70 | 1.70 | 1.70 | 2.21 | 1.70 | 2.21 |
| Kazakhstan | USD/KZT | 520 | 530 | 545 | 555 | 560 | 520 | 560 |
| Russia | USD/RUB | 80.00 | 77.00 | 82.00 | 87.00 | 95.00 | 80.00 | 95.00 |
| EUR/RUB | 96.00 | 92.40 | 98.40 | 105.27 | 115.90 | 96.00 | 115.90 | |
| Ukraine | USD/UAH | 42.50 | 42.60 | 42.80 | 42.80 | 42.80 | 42.50 | 42.80 |
| Latam (eop) | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | |
| Brazil | USD/BRL | 5.40 | 5.50 | 5.50 | 5.50 | 5.50 | 5.40 | 5.50 |
| Mexico | USD/MXN | 18.25 | 18.25 | 18.25 | 18.00 | 18.00 | 18.25 | 18.00 |
| Chile | USD/CLP | 925 | 925 | 900 | 900 | 900 | 925 | 900 |
| Asia (eop) | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | |
| China | USD/CNY | 7.06 | 7.05 | 7.05 | 7.00 | 7.00 | 7.06 | 7.00 |
| India | USD/INR | 89.50 | 88.50 | 88.00 | 87.50 | 87.50 | 89.50 | 87.50 |
| Indonesia | USD/IDR | 16600 | 16700 | 16700 | 16800 | 16800 | 16500 | 16800 |
| Korea | USD/KRW | 1425 | 1400 | 1375 | 1375 | 1400 | 1425 | 1400 |
| Philippines | USD/PHP | 58.50 | 58.50 | 58.75 | 58.75 | 59.00 | 58.50 | 58.75 |
| Singapore | USD/SGD | 1.30 | 1.29 | 1.29 | 1.29 | 1.29 | 1.30 | 1.29 |
| Taiwan | USD/TWD | 31.50 | 31.30 | 31.00 | 30.70 | 30.50 | 31.50 | 30.50 |
Commodities
Last updated: 8th December
| Oil and natural gas forecasts (avg) | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F | 2027F |
|---|---|---|---|---|---|---|---|---|
| Brent ($/bbl) | 62 | 58 | 56 | 58 | 54 | 68 | 57 | 62 |
| Dutch TTF (EUR/MWh) | 32 | 33 | 28 | 27 | 30 | 37 | 30 | 26 |
| Metal Forecasts (avg) | 4Q25F | 1Q26F | 2Q26F | 3Q26F | 4Q26F | 2025F | 2026F |
|---|---|---|---|---|---|---|---|
| Copper ($/t) | 10,860 | 11,500 | 12,000 | 11,500 | 11,000 | 9,850 | 11,500 |
| Aluminium ($/t) | 2,820 | 2,950 | 2,900 | 2,850 | 2,900 | 2,625 | 2,900 |
| Nickel ($/t) | 15,000 | 15,500 | 15,000 | 15,000 | 15,500 | 15,375 | 15,250 |
| Zinc ($/t) | 3,030 | 3,000 | 2,950 | 2,900 | 2,950 | 2,840 | 2,950 |
| Lead ($/t) | 2,010 | 2,100 | 2,050 | 2,000 | 2,100 | 1,995 | 2,062 |
| Gold ($/oz) | 4,080 | 4,250 | 4,300 | 4,350 | 4,400 | 3,385 | 4,325 |
| Silver ($/oz) | 51.00 | 58.00 | 56.00 | 54.00 | 52.00 | 38.50 | 55.00 |
| Iron Ore ($/t) | 100.00 | 100.00 | 95.00 | 90.00 | 95.00 | 98.00 | 95.00 |
