returning to growth by the end of the decade. Capex levels fell in several developed markets, ranging from Europe to South Korea and Japan. Much of this is due to the fact that most
mobile operators in these regions (particularly those that moved to 4G early) have finished their network improvements. Overall,
capex across the developed world declined by 7.7% in 2015, and will only see modest growth of less than 1% annually to 2020