Global supply dynamics GTM –UK | 15 Labour productivity Medium-term GDP growth projections % change year on year % annual GDP growth for the next five years 6 8 2011 2013 2015 DM post-crisis 6 y 4 average: 0.2% 4 2 2 Global econom0 0 World Developed markets Emerging markets -2 Global population Forecast** DM pre-crisis average: 1.4% % change year on year (LHS); % of population (RHS) 2.0 Age 65+ 16 15 -4 14 Developed markets 1.5 Population 13 growth -6 Emerging markets* 12 1.0 11 -8 10 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 0.5 9 '60 '65 '70 '75 '80 '85 '90 '95 '00 '05 '10 '15 '20 Source: (Left) J.P. Morgan Economic Research, J.P. Morgan Asset Management. *Emerging markets productivity data excludes China and India due to data availability. (Top right) IMF, J.P. Morgan Asset Management. (Bottom right) J.P. Morgan Economic Research, United Nations, J.P. Morgan Asset Management. **Forecasts from UN. Guide to the Markets - UK. Data as of 31 December 2016. 15