Effects of the Coronavirus Pandemic on the Financial Industry

Since the beginning of 2020, the coronavirus pandemic has caused an enormous slump in the global economy due to lockdowns all over the world. The IMF expects global GDP to decline by 5%, and for the euro zone it is likely to be as much as 10.2% [1] – and these are the figures before a possible second wave. It remains to be seen how the economy will recover. What can already be well assessed, on the other hand, are the qualitative effects of the pandemic on the macro trends relevant to the financial industry.

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