Audi 2013 Annual Report Download - page 196

REPORT ON EXPECTED DEVELOPMENTS, RISKS AND OPPORTUNITIES
REPORT ON EXPECTED DEVELOPMENTS
MANAGEMENT REPORT
193
A
REPORT ON EXPECTED
DEVELOPMENTS
/ ANTICIPATED DEVELOPMENT OF
THE ECONOMIC ENVIRONMENT
// GENERAL ECONOMIC SITUATION
Our forecasts for the general economic situation are based in
particular on current assessments by external institutions. These
include economic research institutes, banks, multinational
organizations and consultancy firms.
The Audi Group expects to see global economic growth pick up
slightly in 2014. Emerging economies should again expand at
a higher rate than industrial nations, but the latter should also
see accelerating economic growth.
The business cycle in Western Europe is likely to regain some
momentum in 2014. Even in most crisis-hit countries, the situa-
tion should show a gradual improvement, even if developments
remain dependent on a further reduction in the structural
deficits in each individual country. The export-driven German
economy is expected to benefit from the slightly more buoyant
global economy. Thanks to a healthy labor market, the robust
development in private consumer spending should also contrib-
ute to moderate growth in Germany’s gross domestic product.
On the back of Western Europe’s development, most countries
in Central and Eastern Europe should also be able to achieve
faster economic growth. Those growth rates will again probably
be higher than in Western Europe.
In the United States, we expect the gradual scaling-back of the
fiscal squeeze to pave the way for a higher rate of economic
expansion. We anticipate that growth will also receive a lift
from consumer spending following continuing improvements
on the labor market.
In 2014, Latin America’s economy is also expected to expand
somewhat faster than in the previous year, though it is unlikely
to emulate the high growth rates of earlier years.
Once again, we expect the emerging economies in Asia to deliver
the steepest economic growth in 2014. The Chinese economy
should grow at roughly the same rate as in the previous year
now that the country has embarked on structural adjustments
to boost the domestic economy. In India, we expect a moderate
rise in gross domestic product.
Japan’s economic growth should match the previous year’s
moderate level.
REPORT ON EXPECTED DEVELOPMENTS,
RISKS AND OPPORTUNITIES
The global economy – in common with most car markets – will again expand
slightly in 2014. Growth is likely to continue to develop at different rates in
the individual regions. The Audi Group intends to continue to build on the
strong positions that its brands have secured, and is laying the foundations
for future growth with the biggest ever investment program in the history of
the Company.