Economic Outlook
Global Economy
The Russian war against Ukraine has fundamentally changed the geopolitical landscape and has had impact on the global economy. We anticipate additional consequences for global supply chains as a result of this conflict, along with rising raw material prices, higher inflation and weaker global economic growth. In addition, the zero-COVID strategy in China and the resulting lockdowns put the brakes on economic performance in the first quarter of 2022. The tight restrictions in China in reaction to the spread of the coronavirus hold risks for the global economy.
In contrast to the outlook we published in the Annual Report 2021, we still anticipate slight growth in the global economy, but now with a less robust increase in economic performance of 3.1%. Due to the aforementioned effects, the estimates were also reduced for all three regions for the reporting year.
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Growth 2021 |
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Growth forecast 2022 |
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Growth forecast 2022 |
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% |
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% |
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% |
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World |
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5.7 |
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4.2 |
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3.1 |
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Europe, Middle East, Latin America2, Africa (EMLA) |
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5.5 |
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3.7 |
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1.9 |
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of which Europe |
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5.4 |
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3.7 |
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1.2 |
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of which Germany |
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2.9 |
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3.8 |
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2.0 |
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of which Middle East |
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5.1 |
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4.9 |
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5.0 |
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of which Latin America2 |
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6.7 |
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2.3 |
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1.6 |
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of which Africa |
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4.0 |
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3.3 |
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3.3 |
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North America3 (NA) |
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5.5 |
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4.0 |
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2.9 |
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of which United States |
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5.7 |
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4.1 |
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3.0 |
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Asia-Pacific (APAC) |
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6.2 |
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4.8 |
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4.6 |
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of which China |
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8.1 |
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5.4 |
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5.1 |
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Main Customer Industries
In all main customer industries, we continue to forecast positive growth for the year 2022. Growth in the automotive industry is projected to be 6.1%, and therefore under the outlook presented in the Annual Report 2021. In addition, the projected growth rate for the furniture industry was reduced to 2.4%. In the electrical, electronics and household appliances industry, as well as the construction industry, we anticipate nearly unchanged growth rates as compared with the forecast in the Annual Report 2021.
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Growth 2021 |
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Growth forecast 2022 |
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Growth forecast 2022 |
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% |
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% |
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% |
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Automotive |
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2.2 |
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12.5 |
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6.1 |
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Construction |
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2.5 |
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3.6 |
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3.5 |
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Electrical, electronics and household appliances |
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13.9 |
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4.5 |
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4.4 |
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Furniture |
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8.6 |
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3.7 |
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2.4 |
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