No Return To Pre-Crisis IP Before End-2011

We have upped our average industrial output growth forecast for 2010 to 3.2% , reflecting a steady, but weak recovery in the industry sector. While we continue to see industrial output growth gaining pace over the coming years, projecting 5.5% average year-on-year growth in 2011, industrial output will be just 3.4% above end-2008 levels by the end of next year.

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