Continuing improvement in consumer and business sentiment, and reviving investments bring positive forecasts to GDP growth in major economies. This drives positive momentum in beauty, whose prospects are getting rosier. US is the main source of revisions as new tax cut leaves companies with more means to expand through acquisition to fully leverage growth momentum. Skin care comes into spotlight as consumers are recognising the importance of prevention in pursuit of healthier lifestyles.
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Stronger-than-expected growth at the end of 2017 and passage of the Republicans’ long-awaited tax cuts have led us to raise US GDP growth forecast to 2.3% in 2018 and 2.2% in 2019.
The Eurozone economy outperformed in 2017, with private sector optimism close to levels of the early 2000s. GDP growth will remain significantly above the trend, reaching 2.2% in 2018 and 1.9% in 2019.
Brexit uncertainty is expected to weigh on investments, while low income growth and consumer confidence should depress spending growth. UK GDP is forecast to grow by 1.4% in 2018 and 1.3% in 2019.
Economic growth in Japan is backed by robust investment and exports demand. However, wage growth remains weak hindering spending. We expect GDP to grow by 1.2% in 2018 and 0.9% in 2019.
Strong public investment, robust consumption growth and improving foreign demand support growth in China. We have lifted real GDP growth forecast to 6.5% in 2018 and 6.3% in 2019.
Low inflation and interest rates, along with falling unemployment, support consumer spending in Brazil. GDP growth has finally turned positive, and is likely to reach 2.4% in 2018 and 2.5% in 2019.
Russia’s economic rebound has turned softer than expected, despite the steady increase in oil prices. The real GDP growth forecast has been downgraded to 1.3% in 2018 and 1.7% in 2019.
India’s economy has started to lift up from the joint disruption of demonetisation and GST reforms. Further strengthening is likely, with GDP growth of 7.4% in 2018 and 7.5% in 2019.