Economic outlook

In its economic forecast from January 2020, the International Monetary Fund (IMF) expects global economic growth of 3.3 percent in 2020 and of 3.4 percent in 2021. We expect growth in our core markets to slow, but are not anticipating a recession. The economies of Germany, the United States, and the footprint countries of our Europe operating segment are recording positive growth rates, driven by robust domestic demand. Labor markets are benefiting from this trend as well.