13 December 2012 20:16 [Source: ICIS news]NEW YORK (ICIS)--The global economic outlook for 2013 is positive with US and ?xml:namespace>
“Putting aside the fiscal cliff, the
“Light-vehicle sales are exceeding expectations and with the average age of the fleet at its oldest ever at 11 years, there is plenty of underlying demand,” he added.
In addition, the
“Inventories of homes are in good shape and shortages have emerged in certain local markets,” said Swift.
While housing starts will remain well below the previous peak of 2.07m units in 2005, they will approach 1.5m units, representing the long-term underlying demand level, by mid-decade, he added.
“We are optimistic that
However, the coming
“The corporate sector has already cut back on capital goods orders because of an increase in uncertainty, and this will be a factor in 2013,” said Swift.
“Falling off the cliff is the big risk to the outlook,” he added.
The odds of a recession in the
($1 = €0.76)
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