ÖBB Annual Report 2023

Group Management Report 48 Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 3 Outside Austria, the ÖBB Group has shareholdings in 58 companies in 19 countries which, apart from a shareholding in China, are based in the following countries shown in red: *) The ÖBB Group includes a subsidiary of the Rail Cargo Group based in Russia, where revenue and the size of the company have decreased due to limited business activities. The continuation of business operations is restricted in accordance with the procedure defined by the Rail Cargo Group as part of the sanctions packages, which are strictly adhered to and regularly reviewed. B. General Cond itions and Market Environment B.1. General economic conditions Global economic development Economic development in 2023 was characterised by the recovery after the COVID-19 pandemic and the consequences of the war in Ukraine. The latter in particular triggered massive increases in energy, commodity and food prices in 2022 and led to high inflation rates and economic upheaval. The central banks, above all the FED and the ECB, reacted to this price increase by drastically raising interest rates until 2023 in order to cool demand and thus curb inflation. Against this background, the global economy was surprisingly resilient in 2023 with global GDP growth of 3.0%. Growth of 2.9% is forecast for 2024. Growth rates are however still below the pre-COVID-19 average of 3.8% (2000–2019). 1 1 IMF. Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 3 Outside Austria, the ÖBB Group has shareholdings in 58 companies in 19 countries which, apart from a shareholding in China, are based in the following countries shown in red: *) The ÖBB Group includes a subsidiary f the Rail Cargo Group based in Russia, where revenue and the size of the company have decreased due to limited business activities. The continuation of business operations is restricted in accordance with the procedure defined by the Rail Cargo Group as part of the sanctions packages, which are strictly adhered to and regularly reviewed. B. General Cond itions and Market Environment B.1. General economic conditions Global economic development Economic development in 2023 was characterised by the re overy after the COVID-19 pandemic and the cons quence of the war in Ukraine. The latter in particul r triggered massive increases in nergy, commodity and food prices in 2022 and led to high inflation rates and economic upheaval. The central banks, above all the FED and the ECB, reacted to this price increase by d astically raising interest rates until 2023 in order to cool demand and thus curb inflation. Against this background, the global economy was surprisingly resilient in 2023 with global GDP growth of 3.0%. Growth of 2.9% is forecast for 2024. Growth rates are however still below the pre-COVID-19 average of 3.8% (2000–2019). 1 1 IMF. LP gelb (Adressatenkreis) ! RU 1* PL 2 DE 4 BE 2 NL 3 CZ 7 SK 2 AT 49 CH 3 IT 6 GR 2 TR 1 SI 3 HU 11 HR 2 BH 1 BG 2 RO 4 RS 1 | MR3