Global Forecast

30 July 2026, 16:52 UTC Chief Investment Office GWM Investment Research

Global forecasts Chief Investment Office GWM

CIO forecast tables reflect UBS CIO's view on growth, inflation, interest rates, Contents Page and currencies for key countries and markets, real estate, as well as commodities. Economic growth & inflation 2 All future dates are UBS forecasts. The publication is updated every Thursday, Target rates overview 4 Interest rates 5 unless developments require an intra-week forecast change, resulting in a mid- Credit spreads 6 week update. Major currencies 7 This list is not a template for the construction of your personal portfolio and you Emerging market currencies 8 Commodities 9 should discuss investment decisions with your client advisor. Current prices are Equity Markets 10 indicative. All asset class forecasts refer to end of period. Equity Markets 11 Real estate markets 12 Appendix: Contact 13 Appendix: Risk Information 14

This report has been prepared by UBS Switzerland AG. Please see important disclaimers and disclosures at the end of the document.

Economic growth & inflation Europe - Real GDP Europe - CPI E 2027E E 2027E Eurozone 0.9 1.5 0.8 1.2 Eurozone 2.4 2.1 2.7 2.3 - France 1.2 0.9 0.9 1.0 - France 2.3 0.9 1.9 1.9 - Germany -0.5 0.2 0.6 1.5 - Germany 2.5 2.3 2.5 2.1 - Italy 0.8 0.5 0.5 0.8 - Italy 1.1 1.7 2.6 1.8 - Spain 3.5 2.8 2.2 1.7 - Spain 2.9 2.7 3.5 2.8 Switzerland 1.4 1.4 1.1 1.1 Switzerland 1.1 0.2 0.6 0.6 UK 1.0 1.3 1.0 1.1 UK 2.5 3.4 3.0 2.6 Sources: Haver, CEIC, National Statistic, UBS Sources: Haver, CEIC, National Statistic, UBS

Americas - Real GDP Americas - CPI E 2027E E 2027E Brazil 3.4 2.3 1.8 2.2 Brazil 4.4 5.0 4.4 4.1 Canada 2.0 1.7 1.0 1.9 Canada 2.4 2.1 2.6 2.0 Mexico 1.4 0.6 0.8 2.0 Mexico 4.7 3.8 3.7 3.7 US 2.8 2.1 2.1 2.1 US 3.0 2.7 3.4 2.2 Sources: Haver, CEIC, National Statistic, UBS Sources: Haver, CEIC, National Statistic, UBS

EMEA - Real GDP EMEA - CPI E 2027E E 2027E Czech Republic 1.3 2.6 2.3 2.6 Czech Republic 2.4 2.5 1.8 1.9 Hungary 0.7 0.5 1.9 2.9 Hungary 3.7 4.4 2.0 2.2 Poland 3.2 3.6 3.4 3.6 Poland 3.8 3.8 2.7 2.6 Russia 4.9 1.0 0.8 1.7 Russia 8.4 8.7 6.0 5.1 Saudi Arabia 2.6 4.5 0.7 7.5 Saudi Arabia 1.5 2.0 2.0 1.7 South Africa 0.5 1.1 1.6 2.0 South Africa 4.4 3.2 4.3 3.3 Türkiye 3.3 3.6 2.6 3.1 Türkiye UAE 6.6 6.2 -0.6 7.6 UAE 1.7 1.3 3.0 2.3 Sources: Haver, CEIC, National Statistic, UBS Sources: Haver, CEIC, National Statistic, UBS Values are displayed as % change year-on-year E = Estimate, F = Forecast indicates an increase from the previous week Page 2 of 16 indicates a decrease from the previous week