Q3 2023 EDAG Engineering Group AG Earnings Call Transcript
Good morning, ladies and gentlemen, and welcome to our call. I'm here together with my colleague Holger Merz, who will give you the financial details on the first 9 months of 2023 later on. As usual, I would like to give you an update on our market environment at the beginning. The International Monetary Fund has updated its world economic outlook on October 10. With this update, the IMF states that global economic growth has slowed down and recovery is marked by important divergences between advanced economies and emerging markets. For the current year, the IMF still expects the global economy to grow by 3%. For Germany, however, the IMF expects a recession in 2023 comparable to most of the German economic research institute.
Looking into 2024, the growth expectations have been slightly revised. The IMF lowered the forecast from 3% growth to now 2.9% growth. One of the key reasons is that inflation in developed industry remains at an increased level. Correspondingly, the IMF expects interest rates to remain higher for
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