Overall economic outlook

The global economic outlook remained under pressure from mounting geopolitical uncertainty, higher energy prices, and persistent inflation. In July, the IMF revised its growth forecast downward slightly against the April update with global growth now projected at 3.0 % in 2026 and 3.4 % in 2027. In the eurozone, the IMF now expects growth of just 0.9 % and in Germany of 0.7 %, while growth in the United States is still expected to reach 2.3 %. At the same time, the global inflation forecast for 2026 was raised to 4.7 %, indicating that the disinflation trend has stalled for the time being. The ECB responded by raising its key interest rates by 25 basis points in June 2026.

These forecasts are based on the assumption that the situation on the energy markets will gradually return to normal over the course of the year. Nevertheless, the risks remain heightened. A renewed escalation in the Middle East could push up energy and food prices even higher, place additional pressure on supply chains, and tighten financing conditions. Further risks are posed by increasing global trade fragmentation, limited fiscal flexibility, and a potential correction in the tech sector to reset unrealistic expectations. Irrespective of this, the telecommunications industry has so far proven to be resilient in the face of economic fluctuations. Nevertheless, intense competition continues to shape the market environment in key markets, mainly Europe and the United States.