In its economic forecast from January 2018, the International Monetary Fund (IMF) expects annual global economic growth of 3.9 percent in both 2018 and 2019. This faster growth is attributable to the economic upswing in emerging and developing economies as well as stable growth in industrialized nations. We expect the stable economic trend in our core markets to continue. The economies in Germany, the United States and the countries of our Europe operating segment are largely recording positive growth rates, driven by buoyant trends in both private consumer and investment spending. The situation on the labor markets is also likely to improve as a result.