Last updated on April 28th, 2023 at 07:20 pm
Coronavirus pandemic forces IC Insights analysts to revise forecast
The beginning of 2020 allowed us to hope for a slight growth in the global chip market after this market shrank by 15% in 2019. IC Insights analysts expected growth to be 8%. However, the COVID-19 pandemic forced them to reconsider their positions. Already in March, the forecast was lowered to 3%, but now it became clear that the suspension of production, disruption of the supply chain and other factors will lead to the fact that the market does not grow, but shrinks. Now, experts on reports and forecasts believe that the reduction will be 4%.
Sales of microcircuits this year will not grow by 8%, but will decrease by 4%
If this forecast comes true, the size of the chip market in monetary terms this year will be $ 345.8 billion. This is $ 39.0 billion less than the original forecast, which provided for an increase of 8%.
Another forecast speaks of the scale of the impact of the pandemic: this year the world gross domestic product (GDP) is expected to decrease by at least 2.1%, as it was in 2009. It is worth adding that the previous time, when world GDP did not grow, but decreased, it was recorded in 1946.