Siemens 2008 Annual Report Download - page 112

The global economy in 2009 – A difficult business environment
The international nancial crisis increasingly impacted the real economy over the course of scal 2008.
We assume that the world economy will continue to be affected by this crisis for some time to come. All
indications – including the development of commodity prices – point to a substantial slowdown in global
business activity.
In particular, the slump in the U.S. economy is likely to continue, with consequences for the whole world.
Hopes that China and India might compensate for this decline have not been fullled. Instead, these
countries are also feeling the effects of the downturn. The business climate in Europe has also worsened.
Germany’s export-oriented economy has been affected by slackening demand in its most important
markets – the U.S. and the EU. Therefore, the challenges for Siemens will intensify in all its markets in
scal 2009.
16 Letter to our Shareholders