World Oil Outlook - Opec

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Table 1.1
Real GDP growth assumptions in the medium-term % p.a.
2013 2014 2015 2016
OECD America 2.1 2.3 2.4 2.5
OECD Europe 0.5 1.2 1.6 1.8
OECD Asia Oceania 1.8 1.8 1.8 1.8
OECD 1.4 1.8 2.0 2.1
Latin America 3.3 3.5 3.5 3.5
Middle East & Africa 2.7 3.4 3.4 3.4
India 6.6 6.8 6.8 6.8
China 8.0 8.0 8.0 7.9
Other Asia 4.0 3.9 3.9 3.9
OPEC 3.9 3.9 3.9 3.6
Developing countries 5.6 5.7 5.7 5.7
Russia 3.4 3.6 3.6 3.5
Other Eurasia 2.7 3.1 3.1 3.0
Eurasia 3.1 3.4 3.4 3.3
World 3.2 3.5 3.7 3.8
Box 1.2
The Euro-zone debt crisis: one year after the 2011 Greece bailout
The past year has again been a turbulent period for the Euro-zone. After the
governmental changes in Italy and Greece at the end of 2011, the single currency
zone has had to establish a framework for greater integration and go through
several key-elections and votes on the newly established support mechanism; the
European Central Bank (ECB) has had to continue providing support to the
financial system at unprecedented levels; and ailing Euro-zone economies have
had to manage the difficulties of severe short-term austerity measures, including
deep budgetary cuts, while at the same time find ways to stimulate growth again
in the medium-term.
Moreover, the EU, together with its Euro-zone member states, have started
discussions, which yet have to be finalized, on significant steps designed to
move the economic region towards closer integration. This issue has increasingly
come to the fore given the increasing economic worries surrounding Italy
and Spain. While Greece constitutes only around 3% of the Euro-zone’s Gross