The global economy experienced a slowdown during 2019 with a decrease of GDP of 3%, due to the uncertainty surrounding trade and the geopolitical situation. As a result of the pandemic, the global economy is projected to contract by -3% in 2020. According to the IMF, the global economy is projected to grow by 5.8% in 2021 as economic activity normalizes. The global growth forecast is extremely uncertain, depending on factors that interact in ways that are hard to predict, like e.g. the pathway of the pandemic and the intensity of containment efforts.
In 2019 the RFE Group reached a steel production of 6.3 million tons.
Growth in the advanced economy group (where several economies are experiencing widespread outbreaks and deploying containment measures) is projected at -6.1% in 2020. Most economies in the group are forecast to contract this year, including the United States (-5.9%), Japan (-5.2%), the United Kingdom (-6.5%), Germany (-7.0%), France (-7.2%), Italy (-9.1%), and Spain (-8.0%). Although essential to contain the virus, lockdowns and restrictions on mobility are hampering economic activity in a sizeable manner. Adverse confidence effects are likely to further weigh on economic prospects.
The 2019 Consolidated Financial Statements are available online.
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