World Chiller and Air-side Equipment Market – 2021 Update - 1 OVERVIEW

The International Monetary Fund (IMF) estimates that the global economy shrank by 4.4% in 2020. Affected by the COVID-19 pandemic, countries generally implemented economic blockade policies in the second quarter. The manufacturing and service industries were shut down, unemployment rates soared, and the gross domestic product (GDP) decline in many countries hit a record. After the third quarter, the countries’ economies gradually unblocked. Still, the second wave of the pandemic triggered an economic blockade policy, and the momentum of economic recovery has been weakened. The reorganization of global industrial chains and value chains is accelerating, and some global industrial chains are forced to press the ‘pause button.’