Though the world’s attention has turned to London and the Olympic Games, bad economic news continue to emanate from the UK and Europe. Ipsos MORI’s latest poll of 24 countries shows that just one in nine (11%) Europeans expect their local economy to be stronger in the next six months. This has fallen from 20% in April 2010. Meanwhile three in ten (28%) expect their economy to be weaker while six in ten (60%) expect it to be much the same as it is now.

1. Global @dvisor
The Economic Pulse of the World
Citizens in 24 Countries Assess the Current State of their
Country’s Economy for a Total Global Perspective
A Global @dvisory – July 2012 – G@34
The Economic Pulse

2. These are the findings of the Global @dvisor Wave 34 (G@34),
an Ipsos survey conducted between June 5th and June 19th, 2012.
SURVEY METHOD COUNTRIES SAMPLE WEIGHTING
• The survey instrument is • The countries reporting herein • For the results of the survey an • Weighting was then employed
conducted monthly in 24 core are Argentina, Australia, international sample of 18,623 to balance demographics and
countries around the world via Belgium, Brazil, Canada, adults aged 18-64 in the US ensure that the sample's
the Ipsos Online Panel system. China, France, Germany, and Canada, and age 16-64 in composition reflects that of the
Great Britain, Hungary, India, all other countries, were adult population according to
Indonesia, Italy, Japan, interviewed. Approximately the most recent country
Mexico, Poland, Russia, Saudi 1000+ individuals participated Census data, and to provide
Arabia, South Africa, South on a country by country basis results intended to
Korea, Spain, Sweden, Turkey via the Ipsos Online Panel with approximate the sample
and the United States of the exception of Argentina, universe. A survey with an
America. Belgium, Indonesia, Mexico, unweighted probability sample
Poland, Russia, Saudi Arabia, of this size and a 100%
South Africa, South Korea, response rate would have an
Sweden and Turkey, where estimated margin of error of +/-
each have a sample 3.1 percentage points for a
approximately 500+. In China, sample of 1,000 and an
India and South Africa the estimated margin of error of +/-
samples are slightly more 4.5 percentage points 19 times
educated and educated out of 20 per country of what
compared to the average the results would have been
citizen. had the entire population of
adults in that country had been
polled. All sample surveys and
polls may be subject to other
sources of error, including, but
not limited to coverage error,
and measurement error.
A Global @dvisory – July 2012 – G@34 2
The Economic Pulse

3. Analytic Components…
 There are three analytic components that make up the findings of this monthly Economic Pulse report.
Each question is tracked and analyzed from questions dealing with:
The currently perceived macroeconomic state of
the respondent’s country:
• Thinking about our economic situation, how would you describe the current
economic situation in [insert country]? Is it very good, somewhat good, somewhat
bad or very bad?
 The currently perceived state of the local economy:
• Rate the current state of the economy in your local area using a scale from 1 to 7,
where 7 means a very strong economy today and 1 means a very weak economy.
 A six month outlook for the local economy:
• Looking ahead six months from now, do you expect the economy in your local
area to be much stronger, somewhat stronger, about the same, somewhat weaker, or
much weaker than it is now?
A Global @dvisory – July 2012 – G@34 3
The Economic Pulse

4. Global @dvisor
THE
WORLD
at a
GLANCE
A Global @dvisory – July 2012 – G@34 4
The Economic Pulse

5. Commentary…
 This month’s top line aggregate average of our 24 tracked countries indicates that the
world populace assesses their national economies stands still with last months
average of 37%. To put this in perspective, in April 2007 before the financial crisis,
the global average was a heady 58%. The drastic impact of the crisis was captured at
the bottom of the slide when, by April 2009, the average assessment was a mere
29%--down a whopping 29 points over two years of tumult. Between that time and
October of 2010 the average slowly climbed to its highest level of 42% which was still
16 points behind the high water mark but almost as many (+13) on the upswing.
 If economists and others expected a full recovery rebound based on this trajectory
they would be sadly mistaken. Despite stimulus or cuts by governments to get their
economies back on track, many continued to sputter—and still do. The theory goes
that a rebound looks like an alphabet letter: a ‘V’ or a ‘U’ or maybe a ‘W’. However,
what is evident now is a new letter: ‘L’. This flat line has had a long run now so we
can actually add it to the lexicon. And there’s some internal global dynamics to
maintaining that flat line—some months BRIC pushes up and when it falters APEC
picks up lost ground. In other moths a few countries on one side of the world have
faltered while in other spots some of the constant gainers have slumped. Cleary the
region that is the worst is Europe for obvious reasons and if not for Germany’s
constant and robust confidence, it would be a forgone basket case.
A Global @dvisory – July 2012 – G@34 5
The Economic Pulse

6. Commentary…
 So if we step back from the minutia of the findings this month what does it all show
us?
 June’s soundings show that while Sweden, South Africa, Brazil, Poland and the
United States had the greatest gains to potentially push the aggregate average
upwards, they were offset by major slumps in India, Argentina and Saudi Arabia,
along with a handful of others with smaller drops. None the less, it just demonstrates
the fragile nature of the global system Call it what you want—teeter totter, a
pendulum clock or a bunch of spinning plates—there is never really a “pulling on all
oars international sentiment uplift” at play in any one sounding.
 That having been said there are two distinct observations that can be made right
now—beyond the now flat line global recovery trajectory. The first is that three
members of the BRIC are in a downward trend: Between March 2012 and June 2012
powerhouse India has dropped from 79% positive assessment to 58%--a precipitous
21 point drop. Then there’s China: from March 2012 to June 2012 the positive
assessment of the national economy has gone from 71% to 60%--like a titan tripping
down 11 steps the government of China and many others are hoping, with stimulus,
the trip won’t turn into a fall. And while not a constant high flier but rather a beefy
middle of the pack country of confidence, Argentina is now courting a deep funk –
dropping from 55% in January 2012 to 34% in June 2012, a downward slump of 21
points that peels the country back to July, 2010.
A Global @dvisory – July 2012 – G@34 6
The Economic Pulse

7. Commentary…
 What much of this mirrors—or portends—are many of the lagging indicators
witnessed in said countries and regions of late.
 But the second observation may be even more troubling. In this report observers only
have to look at section three which covers the six month outlook for local economies.
Here there is a definite trend line in each region of the world: between October 2011
and June 2012, the once cautious and relative positive outlook for the future has now
given way to what appears to be a now cautious and modest pessimism. Not to be
missed, optimism on a global aggregate average has sunk from 29% in November
2010 to 23% today—down seven points.
 And while some could be forgiven for having missed the slow drip on this in
aggregate over those 19 months, there is one crystallizing snapshot that is blatantly
evident in this report. Just look at the countries that in June 2012 lead the pack in
terms of faltering outlook. In ranked order: Germany, Argentina, Saudi Arabia, China,
Russia, India, France and Canada. With the exception of two or three, the majority
are the global powerhouses for either growth or financial stability and investment.
A Global @dvisory – July 2012 – G@34 7
The Economic Pulse

8. Commentary…
 So here’s the question: are the heretofore leaders in positive economic
assessment—those countries with very large shoulders that have carried the global
recovery—catching a cold that could lead to pneumonia, or is it just a night chill that
will be shaken off?
 To add yet another metaphor the many others out there, is the national consumer
citizen sentiment six month outlook a vital part of the overarching economic
assessment immune system?
 Let’s watch the lagging indicators over the next couple of months for this group of
countries and then decide for sure. That’s because right now a few of them can feel
something in their bones and are trying to take some inoculating steps.
 By two months time we’ll probably know the measure of the malady. Let’s hope it’s a
passing chill and nothing more.
A Global @dvisory – July 2012 – G@34 8
The Economic Pulse

9. The Top Line Summary
Global @dvisor
A Global @dvisory – July 2012 – G@34
The Economic Pulse
9

10. Top Line Summary…
 The global economic train keeps on rolling, not gathering steam or losing
momentum.
 The assessment paused on the global aggregate level for three months at the start of
2012 (Jan-Mar), then softened by one point for two months in a row. Now the
assessment remains unchanged at 38%, showing hopefully that the previous couple of
months were not indicative of a downward trend.
 The other two measures, however, each declined by one point on the global
level: assessments of their current local economy (-1 point to 28% “good”), future
outlook (-1 pt to 23% “stronger”).
 Variation around the world on national economic assessments reflect interesting shifts.
The emerging markets are showing predominantly declining results this wave –
Asia Pacific (-3 to 40%), Latin America (-3 to 38%) – while Western nations are
reflecting modest improvements – North America (+2 to 44%), Europe (+1 to 25%).
The Middle East and Africa improved one point to 58%.
A Global @dvisory – July 2012 – G@34 10
The Economic Pulse

11. Global Average of National Economic Assessment (37%)
Unchanged This Wave
 This month’s global economic aggregate of national economies holds at 37% of
global citizens rating their national economies as ‘good’. The assessment level
remains stable after two months of one-point dips.
 Saudi Arabia (83%) holds on to first place among the 24 countries surveyed despite
slipping five points this month. Sweden (75%) and Germany (66%) are next in line,
followed by Canada (62%), Australia (61%) and China (60%).
 At the bottom of the bottom of the assessment watch: Italy (3%) and Spain (3%) say
their national economic situation is “good”, followed by Hungary (4%), France (9%),
Japan (9%) and Great Britain (12%).
 Countries with the greatest improvements: Sweden (+11 to 75%), South Africa (+5 to
38%), Brazil (+3 to 52%), Poland (+3 to 28%), United States (+3 to 26%).
 Countries with the greatest declines: India (-12 to 58%), Argentina (-11 to 34%),
Saudi Arabia (-5 to 83%), Russia (-3 to 33%), Germany (-3 to 66%), China (-3 to
60%).
A Global @dvisory – July 2012 – G@34 11
The Economic Pulse

12. Global Average of Local Economic Assessment (28%)
Down One Point
 The global average of local economic assessment among the core 24 countries has
declined one point to three in ten (28%) global citizens who agree the state of the
current economy in their local area is ‘good’. Although this decline is small, it
represents the first time the indicator has hit the 28% point mark since March 2012.
 Saudi Arabia (67%) is the global leader on this measure as well, followed at some
distance by Sweden (54%), Germany (48%), Canada (46%), China (44%) and
Australia (43%).
 Spain (6%), Hungary (7%), Italy (7%), Japan (8%), France (14%), Great Britain (15%)
and Argentina (17%) sit at the bottom of the global ranking for this metric.
 Countries with the greatest improvements: Australia (+4 to 43%), Saudi Arabia (+3 to
67%), South Korea (+3 to 19%), Sweden (+3 to 54%) Great Britain (+2 to 15%), Spain
(+2 to 6%).
 Countries with the greatest declines: India (-11 to 39%), Argentina (-10 to 17%),
Poland (-3 to 20%), Russia (-3 to 19%), South Africa (-3 to 27%), Brazil (-2 to 39%),
China (-2 to 44%), Mexico (-2 to 20%).
A Global @dvisory – July 2012 – G@34 12
The Economic Pulse

13. Global Average of Future Outlook for Local Economy
Also Down One Point: 23%
 The global assessment of future local economic outlook is down one point, with
23% of global citizens reporting they believe their local economy will be stronger six
months from now. This indicator is one point lower this wave.
 Brazil’s position in first place on this measure is solidified with a two-point
improvement Brazil (69%). It is followed by global leaders Saudi Arabia (52%), India
(50%), Mexico (39%), Argentina (38%) and China (34%).
 France (6%) and Hungary (6%) sit tied in last place, joined at the bottom by Japan
(7%), Belgium (8%), Great Britain (9%) and Italy (10%).
 Countries with the greatest improvements: Sweden (+5 to 15%), Turkey (+5 to 30%),
Spain (+4 to 18%), Australia (+2 to 16%), Brazil (+2 to 69%).
 Countries with the greatest declines: Argentina (-6 to 38%), Germany (-6 to 14%),
China (-5 to 34%), Saudi Arabia (-5 to 52%), India (-4 to 50%), Russia (-4 to 14%),
Canada (-3 to 18%), France (-3 to 6%).
A Global @dvisory – July 2012 – G@34 13
The Economic Pulse

14. 1. National Economic Assessments: Countries at
a Glance Compared to the Last Wave…
Those Countries Where the Country Economic Assessment…
is has experienced an has experienced a is
HIGHEST IMPROVEMENT DECLINE LOWEST
this month since last sounding since last sounding this month
Saudi Arabia 83% Sweden  11 India  12 Italy 3%
Sweden 75% South Africa  5 Argentina  11 Spain 3%
Germany 66% Brazil  3 Saudi Arabia  5 Hungary 4%
Canada 62% Poland  3 China  3 France 9%
Australia 61% United States  3 Germany  3 Japan 9%
China 60% Great Britain  2 Russia  3 Great Britain 12%
Turkey  2
Belgium  1
Hungary  1
Indonesia  1
South Korea  1
Thinking about our economic situation, how would you describe the current economic situation in [insert country]?
A Global @dvisory – July 2012 – G@34
Is it very good, somewhat good, somewhat bad or very bad?
14
The Economic Pulse

15. 1. National Economic Assessment: Regions at
a Glance Compared to the Last Wave…
CHANGE
REGION NET
(since last
(in descending order by NET) ‘Good’
sounding)
Middle East/Africa 58% 1%
BRIC 51% 4%
North America 44% 2%
APAC 40% 3%
LATAM 38% 3%
G8 27% 1%
Europe 25% 1%
Thinking about our economic situation, how would you describe the current economic situation in [insert country]?
Is it very good, somewhat good, somewhat bad or very bad?
A Global @dvisory – July 2012 – G@34 15
The Economic Pulse

16. 2. Local Economic Assessment: Countries at
a Glance Compared to the Last Wave…
Those Countries Where the Local Area Economic Assessment…
has experienced a
is has experienced an is
DECLINE
HIGHEST IMPROVEMENT LOWEST
since last
this month since last sounding this month
sounding
Saudi Arabia 67% Australia  4 India  11 Spain 6%
Sweden 54% Saudi Arabia  3 Argentina  10 Hungary 7%
Germany 48% South Korea  3 South Africa  3 Italy 7%
Canada 46% Sweden  3 Russia  3 Japan 8%
China 44% Great Britain  2 Poland  3 France 14%
Spain  2 Mexico  2 Great Britain 15%
Canada  1 China  2
Germany  1 Brazil  2
Indonesia  1 United States  1
Japan  1 Italy  1
Hungary  1
France  1
Rate the current state of the economy in your local area using a scale from 1 to 7,
where 7 means a very strong economy today and 1 means a very weak economy A Global @dvisory – July 2012 – G@34 16
The Economic Pulse

17. 2. Local Economic Assessment: Regions at
a Glance Compared to the Last Wave…
REGION NET CHANGE
(in descending order by NET) ‘Strong’ (since last sounding)
Top 3 Box (5-6-7)
Middle East/Africa 45% N/C
BRIC 35% 5%
North America 34% N/C
APAC 28% 2%
LATAM 25% 5%
G-8 Countries 22% N/C
Europe 21% N/C
Rate the current state of the economy in your local area using a scale from 1 to 7,
where 7 means a very strong economy today and 1 means a very weak economy A Global @dvisory – July 2012 – G@34 17
The Economic Pulse

18. 3. Six Month Outlook on the Local Economy: Countries
at a Glance Compared to the Last Wave…
Countries where the Assessment of the Local Economic Strengthening …
is has experienced an has experienced a is
HIGHEST IMPROVEMENT DECLINE LOWEST
this month since last sounding since last sounding this month
Brazil 69% Sweden  5 Germany  6 Hungary 6%
Saudi Arabia 52% Turkey  5 Argentina  6 France 6%
India 50% Spain  4 Saudi Arabia  5 Japan 7%
Mexico 39% Australia  2 China  5 Belgium 8%
Argentina 38% Brazil  2 Russia  4 Great Britain 9%
India  4 Italy 10%
France  3
Canada  3
South Africa  2
Italy  2
United States  1
South Korea  1
Poland  1
Hungary  1
Looking ahead six months from now, do you expect the economy in your local area to be
much stronger, somewhat stronger, about the same, somewhat weaker, or much weaker than it is now? A Global @dvisory – July 2012 – G@34 18
The Economic Pulse

19. 3. Six Month Outlook on Local Economy: Regions at
a Glance Compared to Last Wave…
REGION NET CHANGE
(in descending order by NET) ‘Stronger’ (since last sounding)
LATAM 49% 1%
BRIC 42% 2%
Middle East/Africa 32% N/C
APAC 24% 1%
North America 21% 2%
G-8 Countries 13% 2%
Europe 11% 1%
Looking ahead six months from now, do you expect the economy in your local area to be
much stronger, somewhat stronger, about the same, somewhat weaker, or much weaker than it is now? A Global @dvisory – July 2012 – G@34 19
The Economic Pulse

20. The Detailed Findings
Global @dvisor
A Global @dvisory – July 2012 – G@34
The Economic Pulse
20

21. Global @dvisor
 Assessing The Current Economic
Situation …
…in Their Country
Detailed Tables B.3
A Global @dvisory – July 2012 – G@34 21
The Economic Pulse

22. Global Citizens Assess the Current Economic Situation in their
Country as “Good”
‘Very Good / Somewhat Good’
Total 37%
Saudi Arabia 83%
Sweden 75%
Germany 66%
Canada 62%
Australia 61%
China 60%
India 58%
Brazil 52%
Turkey 51%
Indonesia 41%
South Africa 38%
Argentina 34%
Russia 33%
Belgium 29%
Mexico 28%
Poland 28%
United States 26%
South Korea 21%
Great Britain 12%
France 9%
Japan 9%
Hungary 4%
Italy 3%
Spain 3%
Now thinking about our economic situation, how would you describe the current economic
situation in [insert country]? Is it very good, somewhat good, somewhat bad or very bad? A Global @dvisory – July 2012 – G@34 22
The Economic Pulse

23. Global Average Tracked - Global Citizens Assess the Current
Economic Situation in their Country as “Good”:… N/C
Total Good
70%
60% 56% 55%
50% 45%
42% 41% 41%
40% 41% 40% 40% 41% 40% 41% 40% 40%
38% 38% 39% 39% 38% 38% 39% 38% 39% 38% 39% 39% 39% 38% 37% 37%
40% 32%
29%
30%
20%
10%
0%
Mar/11
Mar/12
Oct/07
Oct/10
Oct/11
Nov/08
Nov/10
Nov/11
Jan/11
Jan/12
Nov/Jan/10
May/10
Jun/10
Feb/11
May/11
Jun/11
Feb/12
May/12
Jun/12
Jul/10
Jul/11
Sep/10
Dec/10
Sep/11
Dec/11
Aug/10
Aug/11
Apr/07
Apr/08
Apr/09
Apr/10
Apr/11
Apr/12
Now thinking about our economic situation, how would you describe the current economic situation in [insert country]?
Is it very good, somewhat good, somewhat bad or very bad?
A Global @dvisory – July 2012 – G@34 23
The Economic Pulse

24. For All Countries Tracked: Citizens Assess the
Current Economic Situation in their Country as “Good”
Now thinking about our economic situation, how would you describe the current economic situation in [insert country]?
Is it very good, somewhat good, somewhat bad or very bad?
May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘10 ‘11 ‘11 ‘11 ‘11 ‘11 ‘11 ‘11 ‘11 ‘11 ‘11 ‘11 ‘11 ‘12 ‘12 ‘12 ‘12 ‘12 ‘12
Argentina 27% 39% 34% 36% 38% 35% 42% 39% 45% 41% 43% 46% 46% 47% 50% 50% 59% 54% 55% 52% 55% 47% 51% 38% 45% 34%
Australia 74% 72% 72% 72% 77% 78% 74% 75% 78% 72% 70% 70% 73% 66% 64% 56% 61% 62% 67% 68% 70% 66% 62% 64% 61% 61%
Belgium 23% 22% 29% 33% 36% 29% 28% 31% 34% 39% 36% 41% 40% 42% 41% 37% 31% 25% 24% 19% 22% 16% 24% 21% 28% 29%
Brazil 65% 65% 55% 60% 58% 66% 64% 62% 56% 61% 53% 52% 51% 51% 53% 52% 55% 55% 59% 56% 62% 63% 54% 59% 49% 52%
Canada 64% 68% 68% 65% 68% 63% 63% 62% 68% 68% 64% 68% 69% 69% 72% 73% 66% 66% 62% 63% 65% 65% 64% 62% 62% 62%
China 78% 77% 74% 77% 75% 79% 74% 72% 74% 73% 67% 75% 68% 68% 66% 61% 65% 65% 62% 55% 64% 72% 71% 62% 63% 60%
France 8% 6% 9% 12% 10% 10% 12% 12% 11% 10% 10% 8% 11% 12% 8% 12% 7% 6% 7% 5% 6% 7% 9% 9% 9% 9%
Germany 37% 38% 48% 55% 56% 64% 67% 63% 64% 64% 62% 67% 68% 68% 71% 66% 63% 64% 64% 61% 70% 71% 68% 68% 69% 66%
Great Britain 13% 13% 13% 16% 16% 12% 16% 13% 15% 12% 8% 10% 15% 13% 10% 11% 17% 11% 10% 8% 13% 10% 14% 12% 10% 12%
Hungary 8% 8% 9% 11% 7% 13% 7% 6% 3% 5% 3% 6% 5% 6% 5% 4% 4% 2% 3% 2% 2% 3% 4% 4% 3% 4%
India 85% 85% 78% 80% 82% 88% 88% 87% 76% 77% 73% 76% 73% 71% 62% 69% 69% 75% 69% 68% 65% 74% 79% 72% 70% 58%
Indonesia 52% 49% 51% 39% 49% 54% 45% 48% 37% 38% 40% 46% 47% 40% 41% 36% 42% 35% 50% 46% 45% 40% 35% 36% 40% 41%
Italy 14% 16% 16% 17% 14% 16% 11% 14% 11% 14% 12% 10% 14% 10% 10% 8% 8% 8% 6% 5% 5% 6% 6% 5% 3% 3%
Japan 6% 9% 6% 8% 7% 8% 6% 9% 6% 8% 8% 7% 9% 8% 8% 6% 8% 6% 7% 8% 8% 9% 9% 8% 9% 9%
Mexico 23% 21% 25% 22% 23% 25% 20% 25% 25% 33% 22% 25% 27% 29% 34% 33% 25% 28% 32% 30% 24% 29% 31% 33% 28% 28%
Poland 45% 46% 42% 33% 33% 29% 30% 28% 23% 29% 19% 23% 22% 20% 24% 28% 27% 30% 28% 27% 27% 21% 27% 25% 25% 28%
Russia 30% 30% 24% 37% 27% 28% 29% 27% 26% 25% 26% 26% 26% 29% 25% 26% 27% 23% 25% 30% 30% 28% 33% 33% 36% 33%
Saudi Arabia 80% 73% 80% 81% 78% 76% 81% 81% 80% 81% 85% 87% 89% 89% 87% 88% 89% 83% 89% 86% 86% 90% 89% 88% 88% 83%
South Africa 41% 34% 56% 45% 41% 46% 41% 51% 45% 45% 40% 41% 43% 42% 38% 39% 34% 39% 32% 32% 42% 40% 36% 35% 33% 38%
South Korea 31% 34% 34% 30% 35% 32% 37% 39% 34% 38% 22% 25% 29% 27% 27% 18% 21% 18% 26% 21% 17% 17% 20% 22% 20% 21%
Spain 6% 5% 10% 10% 9% 10% 7% 7% 4% 6% 6% 8% 6% 6% 7% 6% 3% 5% 3% 4% 4% 4% 4% 3% 3% 3%
Sweden 60% 63% 71% 73% 72% 77% 75% 75% 82% 80% 71% 78% 76% 76% 77% 70% 74% 69% 73% 74% 72% 73% 70% 71% 64% 75%
Turkey 40% 44% 37% 45% 39% 43% 41% 41% 46% 47% 43% 49% 50% 51% 57% 48% 61% 59% 54% 58% 55% 58% 58% 51% 49% 51%
United States 23% 18% 17% 15% 15% 18% 20% 19% 20% 20% 19% 17% 23% 19% 19% 14% 15% 14% 19% 21% 21% 19% 22% 27% 23% 26%
A Global @dvisory – July 2012 – G@34 24
The Economic Pulse

25. Countries Ranked and Marked By Change In Assessment From Last Month
(Left Column) Thinking about our economic situation, how would you describe the current economic situation in [insert
country]? Is it very good, somewhat good, somewhat bad or very bad?
% Very Good / Somewhat Good
Total (N/C) 37%
Sweden (+11) 75%
South Africa (+5) 38%
Brazil (+3) 52%
Poland (+3) 28%
United States (+3) 26%
Great Britain (+2) 12%
Turkey (+2) 51%
Belgium (+1) 29%
Green marks countries experiencing improvement;
Hungary (+1) 4%
Blue marks countries with no change from last month;
Indonesia (+1) 41%
Red marks countries experiencing a decline…
South Korea (+1) 21%
Australia (N/C) 61%
Canada (N/C) 62%
France (N/C) 9%
Italy (N/C) 3%
Japan (N/C) 9%
Mexico (N/C) 28%
Spain (N/C) 3%
China (-3) 60%
Germany (-3) 66%
Russia (-3) 33%
Saudi Arabia (-5) 83%
Argentina (-11) 34%
India (-12) 58%
A Global @dvisory – July 2012 – G@34 25
The Economic Pulse

26. Countries Ranked by Net Improvement, Decline or No Change Compared to
Last Month: Thinking about our economic situation, how would you describe the current economic situation in [insert country]?
Is it very good, somewhat good, somewhat bad or very bad?
-15% -10% -5% 0% 5% 10% 15%
Sweden (+11) 11%
South Africa (+5) 5%
Brazil (+3) 3%
Poland (+3) 3%
United States (+3) 3%
Great Britain (+2) 2%
Turkey (+2) 2%
Belgium (+1) 1%
Hungary (+1) 1%
Indonesia (+1) 1%
South Korea (+1) 1%
Australia (N/C) 0%
Canada (N/C) 0%
France (N/C) 0%
Italy (N/C) 0%
Japan (N/C) 0%
Mexico (N/C) 0%
Spain (N/C) 0%
-3% China (-3)
-3% Germany (-3)
-3% Russia (-3)
-5% Saudi Arabia (-5)
-11% Argentina (-11)
-12% India (-12)
A Global @dvisory – July 2012 – G@34 26
The Economic Pulse

27. Assessing the Current Economic Situation by All Regions:
“Very Good / Somewhat Good”
80%
71%
70%
64%
60% 61%
58%
50% 51% 51%
45% 44%
40% 40%
38%
30%
27%
25%
20%
10%
Mar/10
Mar/11
Mar/12
Oct/07
Oct/10
Oct/11
Nov/08
Nov/10
Nov/11
Jan/11
Jan/12
May/10
Nov/Jan/10
Jun/10
Feb/11
May/11
Jun/11
Feb/12
May/12
Jun/12
Jul/10
Sept/10
Jul/11
Sept/11
Dec/10
Dec/11
Aug/10
Aug/11
Apr/07
Apr/08
Apr/09
Apr/10
Apr/11
Apr/12
North America (Can/US) LATAM Europe APAC G8 BRIC Middle East/Africa
Now thinking about our economic situation, how would you describe the current economic situation in [insert country]?
Is it very good, somewhat good, somewhat bad or very bad?
A Global @dvisory – July 2012 – G@34 27
The Economic Pulse

28. North American (Canada/US) Countries
Assessing the Current Economic Situation 2
‘Very Good / Somewhat Good’
100%
90%
80%
80%
70%
62%
60%
47%
50%
40%
30%
26%
20%
10%
0%
Mar/11
Mar/12
Oct/11
Nov/11
Jan/12
Apr 2007
Apr 2008
Nov 2008
Apr 2009
Apr 2010
Nov 2010
May/11
Jan 2011
Jun/11
Feb/12
May/12
Jun/12
Jul/11
Sept/11
Mar 2010
May 2010
Aug 2010
Dec/11
Nov/Jan 2010
Jun 2010
Feb 2011
Jul 2010
Sept 2010
Oct 2007
Oct 2010
Dec 2010
Aug/11
Apr/11
Apr/12
United States Canada
Now thinking about our economic situation, how would you describe the current economic situation in [insert country]?
Is it very good, somewhat good, somewhat bad or very bad?
A Global @dvisory – July 2012 – G@34 28
The Economic Pulse

29. LATAM Countries
Assessing the Current Economic Situation 3
‘Very Good / Somewhat Good’
80%
70%
60%
52%
50% 50%
42%
40%
34%
30%
28%
20%
10%
0%
Nov-08
Nov-10
Nov-11
May-10
Jun-10
Feb-11
Mar-11
May-11
Jun-11
Feb-12
Mar-12
May-12
Mar-10
Jul-10
Jun-12
Nov-09/Jan-10
Sept-10
Jul-11
Sept-11
Oct-07
Oct-10
Dec-10
Oct-11
Dec-11
Jan-11
Jan-12
Apr-07
Apr-08
Apr-09
Apr-11
Apr-12
Apr-10
Aug-10
Aug-11
Brazil Argentina Mexico
Now thinking about our economic situation, how would you describe the current economic situation in [insert country]?
Is it very good, somewhat good, somewhat bad or very bad?
A Global @dvisory – July 2012 – G@34 29
The Economic Pulse

30. European Countries
Assessing the Current Economic Situation
1
‘Very Good / Somewhat Good’
90%
80%
75%
70%
66%
64%
60% 59%
50% 50%
40%
30% 29%
28% 28%
27%
20%
12%
10% 9%
4%
2%
0%
Mar-10
Mar-11
Mar-12
Oct-07
Oct-10
Oct-11
Nov-08
Nov-10
Jan-11
Nov-11
Jan-12
May-10
Jun-10
Feb-11
May-11
Jun-11
Feb-12
May-12
Jun-12
Jul-10
Jul-11
Sept-11
Sep-10
Dec-10
Dec-11
Aug-10
Aug-11
Nov/Jan 2010
Apr-07
Apr-08
Apr-09
Apr-10
Apr-11
Apr-12
Germany France Spain Sweden Great Britain Belgium Italy Hungary Poland
Now thinking about our economic situation, how would you describe the current economic situation in [insert country]?
Is it very good, somewhat good, somewhat bad or very bad?
A Global @dvisory – July 2012 – G@34 30
The Economic Pulse