2022 Outlook

	US	Eurozone	UK	Japan	Emerging Markets	Asia ex-Japan	China	India	Singapore
2021 GDP Growth Forecasts	+5.5%	+5.1%	+7.3%	+1.6%	+6.4%	+7.2%	+7.9%	+8.5%	+6.8%
2022 GDP Growth Forecasts	+3.5%	+4.1%	+4.7%	+2.3%	+5.1%	+6.3%	+5.7%	+8.0%	+3.5%
Unemployment Rate Projections by the End of 2022	3.7%	7.5%	4.6%	2.6%			5.0%		2.3%
2022 Fiscal Balance Projections Note: Negative implies deficit	-10.0%	-4.1%	-4.1%	-4.0%			-4.5%	-5.8%	+0.4%
2022 Inflation Forecasts	+3.0%	+2.3%	+3.6%	+1.7%	+2.7% (Emerging Asia)		+2.2%	+5.0%	+2.0%
					+7.1% (Emerging Europe)
					+7.8% (Latin America)
2022 Full-Year Earnings Growth Forecast (EPS)	S&P 500	MSCI Europe	MSCI UK	MSCI Japan	MSCI Emerging Markets	MSCI Asia ex-Japan	MSCI China	MSCI India	MSCI Singapore
	+7.7%	+5.1%	+2%	+8%	+5.6%	+8.4%	+15.1%	+18.3%	+13.1%
	Russell 2000	EuroStoxx 600	FTSE 100	TOPIX			CSI 300	Sensex	Straits Times Index
	+27.5%	+5.9%	+3.8%	+8%			+16.5%	+17.8%	+14.4%
1-Year Forward Price-Earnings Ratio (P/E)	S&P 500	MSCI Europe	MSCI UK	MSCI Japan	MSCI Emerging Markets	MSCI Asia ex-Japan	MSCI China	MSCI India	MSCI Singapore
	20.7x	14.7x	11.2x	13.9x	12.3x	13.6x	12.7x	21.7x	14.7x
	Russell 2000	EuroStoxx 600	FTSE 100	TOPIX			CSI 300	Sensex	Straits Times Index
	24.3x	15.1x	11.2x	13.4x			13.6x	21.7x	12.5x

Sources: UOB Global Economics and Markets Research (December 2021), Bloomberg (30 November 2021), IMF World Economic Outlook (October 2021).