During the 2020 fiscal year, the world economy received a serious shock from the global spread of COVID-19 infections, resulting in a decline in real GDP growth to around minus 3%.

After recording the highest negative real GDP growth in the postwar period in April through June of 2020, the Japanese economy showed signs of a recovery in some sectors in the latter half of the year, but then it was hit with a sudden surge in COVID-19 infections from the end of the year, resulting, overall, in a severe operating environment.

Against this backdrop, the Sumitomo Chemical Group has been implementing its Corporate Business Plan (for fiscal 2019 – fiscal 2021), centered on the basic policies of accelerating the development of next-generation businesses, improving productivity through digital innovation, raising the sophistication of the company’s business portfolio, and building a more robust financial structure. The Group has come together in working to create a sustainable society and to deliver sustainable growth through dramatic growth in productivity and acceleration of innovation.