![]() A key part of the economic shock has been the massive lockdown of normal consumer and business activity in most major markets around the world. ![]() GDP growth expectations have turned negative in most countries, resulting in zero global GDP growth for 2020, down significantly from the January forecast of 2.5% growth for the year. The economic backdrop has deteriorated rapidly, and the global economy is already in a recession. ![]() For comparison, global Light Vehicle sales fell 6 million units from 2007-2009 to 64 million units, a two-year decline of 8.7%, or 4.5% CAGR (compounded annualised growth rate). While the environment remains extremely dynamic, LMC currently is forecasting 2020 global Light Vehicle sales to fall below 77 million units, a decline of nearly 14 million units or -15% from the 2019 level. As the COVID-19 pandemic unleashes unprecedented uncertainty and risk on the world’s population and economy, automotive forecasting company LMC expects the impact on the global auto industry to be substantial, with the percentage decline significantly worse than that experienced during the Great Recession.
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