Caterpillar Inc. makes mining and construction equipment, so its fortunes rise and fall with the world's economy. On Monday, it said it doesn't expect to see overall economic growth until the second half of 2013. It laid out what it expects to see next year, region by region:
— U.S. growth of 2 percent, as construction activity begins to pick up.
— Europe: "marginal" growth and weak construction. "We do not see signs that governments in the eurozone and the European Central Bank will change economic policies to deal with recession, record unemployment and social unrest."
— Japan: Growth below 1.5 percent, as recent economic weakness continues.
— China: Economic growth improving to 8.5 percent, as construction activity and demand for commodities increase.
— Latin America: Almost 4 percent, driven by Brazil.
— Africa, Middle East, and Eastern Europe should grow around 4 percent as they benefit from better world economic growth and higher commodity prices.
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