EFTA Document EFTA01458633

September 2015 Asset Allocation I Figure 11: We expect the EM growth advantage of DM will erode further and fall to the middle of its historical range 7 6 1 5 4 -I 3 I EM minus DM: Real GDP growth rate (IMF data and forecasts) - 2011 forecast -2012 forecast 2013 forecast - 2014 forecast -Consensus forecast • 2015 forecast Sans Rif, Nor, °Mirth, ant (96) 6 5 4 3 2 1 0 Figure 12: Global growth steady at trend like rates as measured at PPP weights. rising above trend as