The global credit crunch, triggered by the US housing-market crisis, impacted global economic growth in the second half of 2008. As in fiscal 2007, we were once again faced with major challenges such as high energy and raw material prices, as well as exchange-rate imbalances. WACKER countered these with productivity and product-price increases. For 2009, we are expecting a global recession, which will affect sales and results. From today’s viewpoint, it is not possible to predict how long the recession will last and how serious it will be. As early as the second half of 2008, some raw material prices fell and the dollar gained against the euro. If these trends continue in 2009, they may reduce our costs as a result.
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