Full Year 2019 Integrated Micro-Electronics Inc Earnings Call Transcript
There's no -- so good afternoon. Well, maybe we'll start with the -- Brian, let's start with the outlook operating environment. Yes. So what we'll discuss is the first portion is the outlook or what happened in the global economy and also the outlook.
So if you can see in 2019, the global market actually slowed significantly. This is adversely impacted by additional trade issues, geopolitical issues, which actually impact the overall trade and manufacturing environment we're in. So if you look at the global growth rate, it dropped from 3.6% in 2018 down to 2.9% globally. In particular, the big drop is also coming from China, and we are also experiencing this -- if you look at our business in China, it's also correspondingly dropped quite significantly in 2019.
Automotive industry, in particular, faced certain headwinds last year coming from adjustment to the new Euro standard emission requirements and also in China, the subsidy in EV was eliminated. So that also aggravated the situation in 2019.
If we look forward to 2020, however, we were
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