Impact of COVID-19 on Industry Environment

IMF Upgraded 2020 Economic Forecast The global economy is projected to contract by 4.4% in 2020 — an upward revision from an estimate of -4.9% made in June due to the better-than-expected growth in advanced economies and Mainland China. Major Economies 2020-2021 Economic Growth Rate America -8.0% → 4.5% Euro Zone -10.2% 6.0% -8.3% 5.2% Mainland China 1.0% → 8.2% Japan -5.8% 2.4% 1.9% → 8.2% -5.3% →→→2.3% -4.3% -3.1% Forecast in June Forecast in October Brazil -9.1% → 3.6% -5.8% 2.8% CHINA AIRLINES Source IMF Taiwan India -4.0% 3.5% -4.5% -6.0% 0.0% 3.2% -10.3% 8.8% 11 Source: CIER

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