A brightening global outlook
The construction outlook for the world is brightening. The average global growth (ex-China) should be better in 20151 compared to the previous year and the outlook for 2016 is better still. By Yuri Serov, Morgan Stanley, UK.
The year 2014 marked a low point in global construction expansion. After an immediate bounce following the Great Recession, global construction growth progressively slowed over three years. Outside the Great Recession, the last time global growth in cement consumption was lower than in 2014 was way back in 2001. Table 1 shows Morgan Stanley cement demand forecasts. Regional forecasts are produced by rolling up individual country projections.