Economic activity
Stock market prices rose significantly in 2013, with a
gradual recovery in trading activity and an increasing
propensity of companies to turn to the stock market
to finance their corporate transactions and meet their
financing needs, compared to 2012. Spain’s stock
markets saw a large volume of rights issues, putting it,
once again, in the leading ranks of world markets with
the largest funding flows to companies.
IMF macroeconomic forecasts*
Actual
Forecasts
GDP growth (%)
2012
2013
2014
2015
World output
3.1
3.0
3.7
3.9
Advanced economies
1.4
1.3
2.2
2.3
US
2.8
1.9
2.8
3.0
Japan
1.4
1.7
1.7
1.0
UK
0.3
1.7
2.4
2.2
Eurozone
-0.7
-0.4
1.0
1.4
Germany
0.9
0.5
1.6
1.4
Spain
-1.6
-1.2
0.6
0.8
Developing economies in Asia
6.4
6.5
6.7
6.8
Emerging market and developing economies
4.9
4.7
5.1
5.4
Latin America and Caribbean
3.0
2.6
3.0
3.3
China
7.7
7.7
7.5
7.3
India
3.2
4.4
5.4
6.4
Trade volume (yoy %)
2.7
2.7
4.5
5.2
Imports
2011
2012
2013
2014
Advanced economies
4.7
1.0
1.5
4.0
Emerging market and developing economies
5.7
5.3
5.9
6.5
Exports
Advanced economies
5.7
2.0
2.7
4.7
Emerging market and developing economies
6.8
4.2
3.5
5.8
Consumer prices (yoy %)
2011
2012
2013
2014
Advanced economies
2.7
2.0
1.4
1.8
US
3.1
2.1
1.4
1.5
Japan
-0.3
0.0
0.0
2.9
UK
4.5
2.8
2.7
2.3
Eurozone
2.7
2.5
1.5
1.5
Germany
2.5
2.1
1.6
1.8
Spain
3.1
2.4
1.8
1.5
Newly industrialised Asian economies
6.3
4.7
5.0
4.7
Emerging market and developing economies
7.1
6.1
6.2
5.7
In almost all developed stock markets, annual volatility
gradually declined in 2013, to levels nearer to those prior
to the outbreak of the financial crisis in late 2007. There
are two reasons for this increased stability: first, there is
a general consensus that the crisis was due to general-
ised excessive leveraging; and, second, that the solution
involves disciplined fiscal consolidation, loose mone-
tary policy, increased control of bank risks and in-depth
reform to enable economies to become more competi-
tive and tackle their debts and the aid received to cope
with the crisis.
Different countries and regions have implemented
various measures and reforms that, overall, have resulted
in the gradual stabilisation of financial markets. This
process began in the summer of 2012, particularly in
Europe. These reforms and the return to normal of finan-
cial market transactions and conditions have led to a
slight economic improvement in advanced economies.
*GDP and annual trade figures updated to January 2014. Other figures updated to October 2013.
The 15
th
Latibex Forum, a success in terms of interest and attendance.
18
The Market Environment
Annual
Report 2013
BME
1...,8,9,10,11,12,13,14,15,16,17 19,20,21,22,23,24,25,26,27,28,...236