Our compact monthly update on developments in the real economy and on financial markets.

A recovery beset by obstacles (5-year forecast, 2020/8/5)

After the collapse in Q2, the economy is back on track to recovery. Yet the upswing - over the coming five years too - will remain in the shadow of the virus and thus fraught with great uncertainty.

Clear & concise

  • The 2020 slump in GDP is proving to be more dramatic than feared;
  • A recovery should kick in from Q3 onwards despite the ongoing pandemic;
  • The upswing will lose momentum in 2020 when the stimulus programmes expire;
  • Central banks will adhere to their ultra-accommodative stance for a long time to come;
  • The euro and European assets will benefit from the deal creating a Recovery Fund.

Read more A recovery beset by obstacles (edition 08/2020)