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The World in 2050-Quantifying the shift in the global economy - HSBC

The World in 2050-Quantifying the shift in the global economy - HSBC

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EconomicsGlobal4 January 2011abcDisclaimer* Legal entities as at 31 January 2010'UAE' <strong>HSBC</strong> Bank Middle East Limited, Dubai; 'HK' <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g CorporationLimited, Hong Kong; 'TW' <strong>HSBC</strong> Securities (Taiwan) Corporation Limited; 'CA' <strong>HSBC</strong> Securities (Canada)Inc, Toronto; <strong>HSBC</strong> Bank, Paris branch; <strong>HSBC</strong> France; 'DE' <strong>HSBC</strong> Tr<strong>in</strong>kaus & Burkhardt AG, Dusseldorf;000 <strong>HSBC</strong> Bank (RR), Moscow; 'IN' <strong>HSBC</strong> Securities and Capital Markets (India) Private Limited, Mumbai;'JP' <strong>HSBC</strong> Securities (Japan) Limited, Tokyo; 'EG' <strong>HSBC</strong> Securities Egypt S.A.E., Cairo; 'CN' <strong>HSBC</strong>Investment Bank Asia Limited, Beij<strong>in</strong>g Representative Office; <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>gCorporation Limited, S<strong>in</strong>gapore branch; <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g Corporation Limited, SeoulSecurities Branch; <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g Corporation Limited, Seoul Branch; <strong>HSBC</strong>Securities (South Africa) (Pty) Ltd, Johannesburg; 'GR' <strong>HSBC</strong> Pantelakis Securities S.A., A<strong>the</strong>ns; <strong>HSBC</strong>Bank plc, London, Madrid, Milan, Stockholm, Tel Aviv, 'US' <strong>HSBC</strong> Securities (USA) Inc, New York; <strong>HSBC</strong>Yatirim Menkul Degerler A.S., Istanbul; <strong>HSBC</strong> México, S.A., Institución de Banca Múltiple, GrupoF<strong>in</strong>anciero <strong>HSBC</strong>, <strong>HSBC</strong> Bank Brasil S.A. - Banco Múltiplo, <strong>HSBC</strong> Bank Australia Limited, <strong>HSBC</strong> BankArgent<strong>in</strong>a S.A., <strong>HSBC</strong> Saudi Arabia Limited., <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g Corporation Limited,New Zealand Branch.Issuer of report<strong>HSBC</strong> Bank plc8 Canada Square, LondonE14 5HQ, United K<strong>in</strong>gdomTelephone: +44 20 7991 8888Fax: +44 20 7992 4880Website: www.research.hsbc.comThis document is issued and approved <strong>in</strong> <strong>the</strong> United K<strong>in</strong>gdom by <strong>HSBC</strong> Bank plc for <strong>the</strong> <strong>in</strong>formation of its Clients (as def<strong>in</strong>ed <strong>in</strong> <strong>the</strong> Rules of FSA) and thoseof its affiliates only. If this research is received by a customer of an affiliate of <strong>HSBC</strong>, its provision to <strong>the</strong> recipient is subject to <strong>the</strong> terms of bus<strong>in</strong>ess <strong>in</strong> placebetween <strong>the</strong> recipient and such affiliate. In Australia, this publication has been distributed by <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g Corporation Limited (ABN65 117 925 970, AFSL 301737) for <strong>the</strong> general <strong>in</strong>formation of its “wholesale” customers (as def<strong>in</strong>ed <strong>in</strong> <strong>the</strong> Corporations Act 2001). Where distributed to retailcustomers, this research is distributed by <strong>HSBC</strong> Bank Australia Limited (AFSL No. 232595). <strong>The</strong>se respective entities make no representations that <strong>the</strong>products or services mentioned <strong>in</strong> this document are available to persons <strong>in</strong> Australia or are necessarily suitable for any particular person or appropriate <strong>in</strong>accordance with local law. No consideration has been given to <strong>the</strong> particular <strong>in</strong>vestment objectives, f<strong>in</strong>ancial situation or particular needs of any recipient.<strong>The</strong> document is distributed <strong>in</strong> Hong Kong by <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g Corporation Limited and <strong>in</strong> Japan by <strong>HSBC</strong> Securities (Japan) Limited.Each of <strong>the</strong> companies listed above (<strong>the</strong> “Participat<strong>in</strong>g Companies”) is a member of <strong>the</strong> <strong>HSBC</strong> Group of Companies, any member of which may trade for itsown account as Pr<strong>in</strong>cipal, may have underwritten an issue with<strong>in</strong> <strong>the</strong> last 36 months or, toge<strong>the</strong>r with its Directors, officers and employees, may have a long orshort position <strong>in</strong> securities or <strong>in</strong>struments or <strong>in</strong> any related <strong>in</strong>strument mentioned <strong>in</strong> <strong>the</strong> document. Brokerage or fees may be earned by <strong>the</strong> Participat<strong>in</strong>gCompanies or persons associated with <strong>the</strong>m <strong>in</strong> respect of any bus<strong>in</strong>ess transacted by <strong>the</strong>m <strong>in</strong> all or any of <strong>the</strong> securities or <strong>in</strong>struments referred to <strong>in</strong> thisdocument. In Korea, this publication is distributed by ei<strong>the</strong>r <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g Corporation Limited, Seoul Securities Branch ("HBAPSLS") or <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g Corporation Limited, Seoul Branch ("HBAP SEL") for <strong>the</strong> general <strong>in</strong>formation of professional <strong>in</strong>vestorsspecified <strong>in</strong> Article 9 of <strong>the</strong> F<strong>in</strong>ancial Investment Services and Capital Markets Act (“FSCMA”). This publication is not a prospectus as def<strong>in</strong>ed <strong>in</strong> <strong>the</strong> FSCMA.It may not be fur<strong>the</strong>r distributed <strong>in</strong> whole or <strong>in</strong> part for any purpose. Both HBAP SLS and HBAP SEL are regulated by <strong>the</strong> F<strong>in</strong>ancial Services Commission and<strong>the</strong> F<strong>in</strong>ancial Supervisory Service of Korea. This publication is distributed <strong>in</strong> New Zealand by <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g Corporation Limited, NewZealand Branch.<strong>The</strong> <strong>in</strong>formation <strong>in</strong> this document is derived from sources <strong>the</strong> Participat<strong>in</strong>g Companies believe to be reliable but which have not been <strong>in</strong>dependently verified.<strong>The</strong> Participat<strong>in</strong>g Companies make no guarantee of its accuracy and completeness and are not responsible for errors of transmission of factual or analytical data,nor shall <strong>the</strong> Participat<strong>in</strong>g Companies be liable for damages aris<strong>in</strong>g out of any person’s reliance upon this <strong>in</strong>formation. All charts and graphs are from publiclyavailable sources or proprietary data. <strong>The</strong> op<strong>in</strong>ions <strong>in</strong> this document constitute <strong>the</strong> present judgement of <strong>the</strong> Participat<strong>in</strong>g Companies, which is subject to changewithout notice.This document is nei<strong>the</strong>r an offer to sell, purchase or subscribe for any <strong>in</strong>vestment nor a solicitation of such an offer. <strong>HSBC</strong> Securities (USA) Inc. acceptsresponsibility for <strong>the</strong> content of this research report prepared by its non-US foreign affiliate. All US persons receiv<strong>in</strong>g and/or access<strong>in</strong>g this report and<strong>in</strong>tend<strong>in</strong>g to effect transactions <strong>in</strong> any security discussed here<strong>in</strong> should do so with <strong>HSBC</strong> Securities (USA) Inc. <strong>in</strong> <strong>the</strong> United States and not with its non-USforeign affiliate, <strong>the</strong> issuer of this report. In S<strong>in</strong>gapore, this publication is distributed by <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g Corporation Limited, S<strong>in</strong>gaporeBranch for <strong>the</strong> general <strong>in</strong>formation of <strong>in</strong>stitutional <strong>in</strong>vestors or o<strong>the</strong>r persons specified <strong>in</strong> Sections 274 and 304 of <strong>the</strong> Securities and Futures Act (Chapter 289)(“SFA”) and accredited <strong>in</strong>vestors and o<strong>the</strong>r persons <strong>in</strong> accordance with <strong>the</strong> conditions specified <strong>in</strong> Sections 275 and 305 of <strong>the</strong> SFA. This publication is not aprospectus as def<strong>in</strong>ed <strong>in</strong> <strong>the</strong> SFA. It may not be fur<strong>the</strong>r distributed <strong>in</strong> whole or <strong>in</strong> part for any purpose. <strong>The</strong> Hongkong and Shanghai Bank<strong>in</strong>g CorporationLimited S<strong>in</strong>gapore Branch is regulated by <strong>the</strong> Monetary Authority of S<strong>in</strong>gapore. Recipients <strong>in</strong> S<strong>in</strong>gapore should contact a "Hongkong and Shanghai Bank<strong>in</strong>gCorporation Limited, S<strong>in</strong>gapore Branch" representative <strong>in</strong> respect of any matters aris<strong>in</strong>g from, or <strong>in</strong> connection with this report. <strong>HSBC</strong> México, S.A.,Institución de Banca Múltiple, Grupo F<strong>in</strong>anciero <strong>HSBC</strong> is authorized and regulated by Secretaría de Hacienda y Crédito Público and Comisión NacionalBancaria y de Valores (CNBV). <strong>HSBC</strong> Bank (Panama) S.A. is regulated by Super<strong>in</strong>tendencia de Bancos de Panama. Banco <strong>HSBC</strong> Honduras S.A. is regulatedby Comisión Nacional de Bancos y Seguros (CNBS). Banco <strong>HSBC</strong> Salvadoreño, S.A. is regulated by Super<strong>in</strong>tendencia del Sistema F<strong>in</strong>anciero (SSF). <strong>HSBC</strong>Colombia S.A. is regulated by Super<strong>in</strong>tendencia F<strong>in</strong>anciera de Colombia. Banco <strong>HSBC</strong> Costa Rica S.A. is supervised by Super<strong>in</strong>tendencia General deEntidades F<strong>in</strong>ancieras (SUGEF). Banistmo Nicaragua, S.A. is authorized and regulated by Super<strong>in</strong>tendencia de Bancos y de Otras Instituciones F<strong>in</strong>ancieras(SIBOIF).<strong>The</strong> document is <strong>in</strong>tended to be distributed <strong>in</strong> its entirety. Unless govern<strong>in</strong>g law permits o<strong>the</strong>rwise, you must contact a <strong>HSBC</strong> Group member <strong>in</strong> your homejurisdiction if you wish to use <strong>HSBC</strong> Group services <strong>in</strong> effect<strong>in</strong>g a transaction <strong>in</strong> any <strong>in</strong>vestment mentioned <strong>in</strong> this document. <strong>HSBC</strong> Bank plc is registered <strong>in</strong>England No 14259, is authorised and regulated by <strong>the</strong> F<strong>in</strong>ancial Services Authority and is a member of <strong>the</strong> London Stock Exchange. (070905)© Copyright. <strong>HSBC</strong> Bank plc 2010, ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored <strong>in</strong> a retrieval system, or transmitted, onany form or by any means, electronic, mechanical, photocopy<strong>in</strong>g, record<strong>in</strong>g, or o<strong>the</strong>rwise, without <strong>the</strong> prior written permission of <strong>HSBC</strong> Bank plc. MICA (P)142/06/2010 and MICA (P) 193/04/201043

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