What will change after the coronavirus crisis?

Once the coronavirus crisis is over, we should expect: A lasting loss of growth because some companies will encounter problems while others will disappear and because invested capital will decline; A rise in inflation in OECD countries as a result of the return to regional - and therefore more costly - value chains; More expansionary monetary and fiscal policies ( because it will be necessary to fight the loss of activity in the first half of 2020 and then the persistently weaker growth); Further discouragement of shareholding due to the new episode of very high share price volatility during the crisis. All this will be negative for investors for a long time to come.