Auto industry shrinking at 'peak car,' dragging global economy lower - Business Insider

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The auto industry is shrinking as the world reaches 'peak car' — and it's dragging down the entire global economy

The automotive industry is slowing faster than expected, and the shift brings massive economic threats.

The sector experienced a "sharp downturn" in production and sales through 2018, and projections call for a similar decline through this year, according to the International Monetary Fund. The IMF pegged the industry as a major factor in lagging industrial output, and said a prolonged contraction would directly affect the global economy.

The auto sector represented 20% of 2018's slowdown in GDP and roughly 30% of the slowdown in global trade, according to the IMF's latest

 

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