...Credit Growth Picked Up: Fitch Ratings estimates global real credit growth picked up slightly to 4.6% in 2013, after two years of slowdown since the most recent peak of 5.7% in 2010. Credit continued to contract in the developed world, but more slowly. Growth in emerging Europe (EE) turned positive, but was a weak 2.4%. The most significant acceleration was in the Middle East and Africa (MEA), to 8.3%. Credit growth remained robust in Latin America (7.9%) and emerging Asia (9.7%) but continued to slow in both regions (see Figures 1 and 5). Growth to Remain Weak: Fitch forecasts a slight easing in overall real credit growth in 2014 to 3.9%. Growth should turn positive in developed countries (1.3%) and gain momentum in EE (3.7%) but will slow elsewhere. Growth will remain strongest in Asia and Latin America. Fastest Growth in EMs: Real private credit growth was above 15% in 30 countries (27% of those in this report) in two successive years in 2011-2013 (the threshold for MPI 2 or above; Figure...
