Asia-Pacific Region: Asia is leading the global economic recovery. Asia rebounded swiftly in 2009 and into 2010. Asian region real GDP is expected to grow 7.9% in 2010, driven by better than expected exports and strong private demand. 2011 GDP growth is projected to be 7.3%. Expect continued strong growth in the industrialized markets in East Asia, including Hong Kong, Taiwan and South Korea. Improved investment, healthy consumer spending, robust exports and industrial production will propel growth. Despite measures to cool the China property market and slow credit growth, China grew at 11.1% in the first half of 2010 and is expected to grow at 10% for the year.

Canada: The Canadian economy, led by exports and a strong commodity cycle, performed well through 2010. GDP growth is expected to hit 2.3% in 2011, tempered by a modest recovery in the U.S. The economy has gained back all the jobs lost over 2008 and 2009, but unemployment remains high at 8%. Modest employment growth is forecast for 2011. Land prices firmed in 2010. Cap rates and interest rates declined slightly. And transaction volume will remain slow due to the low supply of good quality product.

Europe: Europe mounted a modest recovery in 2010, with European GDP growth within the Euro zone improving from -0.4% in 2009 to 1.7% in 2010. However, growth is uneven across the region and is projected to be only 1.1% in 2011. The more export-oriented economies such as Poland, Germany, France, The Netherlands and Sweden are expected to recover ahead of the remainder of Europe. Meanwhile, Portugal, Italy, Ireland, Greece and Spain, the primary concern in early 2010, appear to be in a prolonged recession. European real estate markets will remain challenging in 2011, though continuing low interest rates may balance out some of the adverse market pressures. The fiscal squeeze will reduce inflationary pressure, allowing central banks to slowly raise interest rates.

Latin America & the Caribbean: The Latin America region witnessed remarkable growth in 2010, driven by strong domestic demand, healthy exports of raw materials to Asia (particularly China), and increasing demand due to the modest recovery in the U.S. The region also benefitted from an increase in domestic investment after years of off-shore investment. Latin America is expected to continue its strong growth in 2011, and the Caribbean is expected to begin its recovery as tourism rebounds due to improved economic conditions around the globe.

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