MILLI RE 2020 ANNUAL REPORT

Activities and Major Developments Related to Activities General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities Milli Re Annual Report 2020 14 General Manager’s Message As the pandemic set the agenda all around the world, even though 2020 started with the expectations of global economic recovery, World Health Organization’s announcement of pandemic in March has been a breaking point and the world economy faced one of the worst scenarios of the last century. IMF, projecting world economy to contract by 4.4% in 2020, revised its estimate to 3.5%with the impact of global economy showing stronger-than-expected momentum in the second half of the year, while updating its growth forecast for 2021 to 5.5%, which was previously estimated to be 5.2%, in light of China’s strong growth as well as the positive outlook of economic indicators in the third quarter with the impact of the loosening in pandemic-related restrictions. Even though the trade war between US and China had been the main item on the agenda for global trade prior to the Covid-19 pandemic, the tension between two countries subdued during the outbreak and the US presidential elections gained importance. During this period in which repercussions of the pandemic remained in effect, global trade volume lost substantial momentum as expected while the uncertainity regarding the global economy kept prevailing. Despite the challenges posed by the Covid-19 pandemic which had global political, economic and social impacts, our Company successfully reached its targets for 2020.