Submitted by: Submitted by garmainraja
Views: 362
Words: 6763
Pages: 28
Category: Business and Industry
Date Submitted: 05/20/2012 02:57 PM
Sartorius Group
First-Half Financial Report from January to June 2011
Interim Management Report
Economic Report
Macroeconomic Environment
In the first half of 2011, the world economy was on the
rebound. Overall, economic recovery has picked up
steam, and global real gross domestic product (GDP) is
bound to increase at a similarly dynamic pace this year.
Experts forecast that real GDP will rise nearly 3.5% (Joint
Economic Forecast Group) or 4.5% (International
Monetary Fund, IMF) for the full year.
Development in the individual regions was very uneven.
After a few clouds had appeared on the horizon during
the storm of the global economic and financial crisis,
primarily the emerging market economies regained their
high momentum. By contrast, the rate of expansion in
the U.S. economy was only moderate compared with
previous upswings.
Since April, the European Central Bank has raised its key
interest rate from 1.0% to 1.5% and thus ushered in a
turning point in interest rates, according to the opinion
of most capital market experts. In the USA, the prime
rate has hovered since the end of 2008 at historic lows
between 0% and 0.25%. Unlike monetary policy,
financial policy was no longer explicitly expansionary.
Many of the policy measures taken to combat the
financial and economic crisis have already run their
course or are due to expire soon.
(Sources: IMF, World Economic Outlook, April 2011; Joint Economic
Forecast Group; Joint Economic Forecast, Spring 2011, prepared for
the German Federal Ministry of Economics and Technology)
In the euro zone, the pattern of development has
likewise been uneven: While Germany and a few of its
neighboring countries continued on the upswing, the
national economies in the Mediterranean region
stagnated. In Japan, the first half was impacted by the
earthquake and the subsequent nuclear plant
catastrophe. However, these disasters have not had any
serious effects on the global economy so far.
According to experts' estimates, the...