EFTA Document EFTA01458968

8 December 2015 World Out€ook 2016: Managing with less liquidity Japan: Return to steady recovery trend • We forecast the Japanese economy to return to underlying trend growth of real GDP at annualized 1.0-1.5% after a temporary soft patch in Q2 and Q3 2015. • We see low likelihood of meaningfully negative second-round effects from the global slowdown to domestic non-manufacturers despite an inevitable impact on the Japanese manufacturers. A soft patch, not a roots: eon Real GDP shra