Report
Pandemic and supply shock, one year later
The coronavirus economic crisis was initially a negative supply shock. Then it was a negative demand shock. As a result of the interaction of the two shocks, global GDP growth dropped by 6.3 points to -3.5% in 2020. The effect on global inflation was much more modest, down by just 0.3 points to 2.6%. The baseline scenario for 2021-2022 assumes that health fears abate, economies re-open and stimulative economic policy is maintained. We think it risky to assert that supply will dur...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Bruno Cavalier
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