Report
The scale of the 2020 recession differs significantly across OECD countries: Causes and consequences
The scale of the recession in 2020 is very different across OECD countries: significant in the United Kingdom, France and Spain, smaller in the United States, Japan, Germany and Italy. These differences reflect: The different severity of the COVID outbreak; The different severity and duration of the lockdown, i.e. the different weight given to the precautionary principle. We know that through many mechanisms (loss of productive capital, loss of human capital, increased risk aversion) there is hysteresis of recessions. The growth trajectory in countries where the decline in activity was greater in 2020 may therefore be more negatively affected than in other countries, and for a long time.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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