Expected Macroeconomic Environment

Leading economic experts are forecasting that the dynamism of the world economy will weaken in the second half of 2010. The reason for this is that important economic policy impulses like stimulus programs are coming to an end. The tighter financial policy announced by many countries may also dampen economic growth. All the same, the economic institutes continue to assume that the global Gross Domestic Product (GDP) will go up by 4.4 (2009: -1.0) percent for the full year. For 2011 the growth forecast is 3.7 percent.

In Germany the rate of growth is also expected to slow down significantly in the second half of 2010 and exports may also decline. The IfW forecasts a GDP growth for the year 2010 of 2.1 (2009: -4.9) percent. In 2011 the German GDP is expected to increase by 1.2 percent.

The economic development in the Euro zone is likely to be characterized by restrictive financial policy measures in the second half of the year designed to reduce financial debts and stabilize the Euro. For 2010 and 2011 a moderate growth of 1.3 (2009: -4.2) percent is therefore being forecast.

Experts think that the development in the U.S. will be similar. However, the growth rate of 3.0 (2009: -2.4) percent in the year 2010 and 2.4 percent in 2011 can be expected to be somewhat stronger than in Europe.