Investor Briefing - FY & Q4 2019

i&MBank IPLC ECONOMIC REVIEW - GLOBAL According to the World Bank, the global economy noted a deceleration in 2019 with growth estimated at 2.4 percent its slowest expansion rate since the global financial crisis. This is a consequence of rising trade barriers; elevated uncertainty surrounding trade and geopolitics causing macroeconomic strains in emerging market economies and advanced economies. GLOBAL GROWTH 8 7 6 5 4 3 32 KENYA TANZANIA RWANDA MAURITIUS • • Most notable feature of the sluggish growth in 2019 is the sharp and geographically broad-based slowdown in manufacturing and global trade - driven by higher tariffs and prolonged uncertainty surrounding trade policy. Global growth is projected to modestly improve to 2.5 percent. Emerging market and Developing economies are projected to pickup growth to 4.1 percent in 2020, driven by recoveries or shallower recessions. 2 1 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Advanced economies EMDES World Downside risks to the outlook are elevated. Current global health pandemic and heightened geopolitical tensions could further disrupt supply chains and hamper confidence, investment, and growth. Source: World Bank - Global Economic prospects I&M Rwanda - Investor Briefing - FY & Q4 2019 4

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