Financial events are moving rapidly and, although we cannot be certain how things will unfold, we hope to provide some perspective regarding the current crisis and hesitantly offer views on where we think things will go from here.

This latest Deloitte Research global economic outlook report highlights the three waves of events and the subsequent policy responses that have produced the financial crisis of the past year. The study also provides our historical perspective on what has transpired when, as with the U.S. housing market, asset price bubbles exploded in other countries. The successes and failures of different policy responses provide a useful comparison with which to judge current events.

Aside from the financial crisis, the report also focuses on a critical issue that has been shadowed by the financial crisis: the price of oil. We offer some scenarios as to what might happen next and consider the economic and business consequences of persistently high petroleum prices. We also examine the outlook for inflation in both developed and emerging countries. In addition, we look at the impact of exchange rate policy in emerging markets.

Finally, our global economists provide outlooks for the economies of the United States, United Kingdom, Eurozone, Russia, India, China, Japan, and Brazil.