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To say that 2020 has, so far, been a tumultuous
year would be an understatement in the extreme.
The year began with a US military strike against
Iran, major wildfires spread across Australia,
Brazil and elsewhere, and then the COVID-19
(coronavirus) pandemic began its rapid, inexorable
march across the world. Of all of these, it is the
pandemic which, at the time of writing, has had the
most significant global impact.
Lockdown measures have seen many businesses
and industries come to an almost complete halt,
placing significant strain on national finances. The
economies of the OECD-area shrank by 1.8%
in the first quarter of 2020, marking the largest
decline since the 2008 financial crisis. The IMF had
predicted that the global economy would grow by
3.4% in 2020. As of early April this year, that figure
has been revised to show a 3% contraction.
Similarly, predictions for the cement industry
made towards the end of 2019 had forecast 2020
to be another year of continued, moderate demand
growth across most regions. However, with many
countries effectively mothballing their industries
for months at a time in response to the pandemic,
demand is likely to be significantly reduced.
The World Review is broken down by region:
Africa and the Middle East, Asia Pacific, Europe
and CIS, North America, and South America.
WORLD REVIEW 2020
49