How the Global Economy would Turn around in the Next Three Years

North America

United States

GDP Growth Forecast

2012: 2.2 percent

2013: 1.9 percent

2014: 3.0 percent

2015: 3.5 percent

The United States is expected to avoid a full fiscal cliff, the report says. There will be a 1 percentage point drag from the public sector. For the country, food and gas prices have shown unfavorable, says Robert Di Clementi of Citi Group, but overall inflation is more or less under control. The improving housing indicators and easy Federal Reserve has strengthened the economy further, and thus it will avoid a fiscal calamity in the year 2013, Citi says.

Canada

2012: 2.0 percent

2013: 2.2 percent

2014: 2.8 percent

2015: 3.2 percent

In Canada the business and the consumer confidence are strong. Citi notes that the country is continuously growing because of the force driven by consumer spending and business investment, thus improving financial conditions.

Mexico

2012: 3.9 percent

2013: 3.8 percent

2014: 3.5 percent

2015: 3.6 percent

The economy is slightly stagnating in Mexico, though it has a strong industrial sector. However, it is expected to maintain its GDP growth in the coming years.