Economic indicators have improved over the last few months. In the US, the housing market is recovering, which is supporting a broad-based economic recovery. In China, infrastructure investment, exports and the real estate sector are boosting economic activity. While economic activity remains weak in Europe and Japan, there are encouraging signs that recent policy changes have mitigated downside risks and should stimulate a recovery in 2013.
In the medium term, most economies should return to more normal growth rates. In China and India, economic growth should remain robust as they benefit from continuing urbanisation, rising living standards and an expanding middle class, which should support demand for our products across our diversified mix.