THE second-round effects of the crisis will be profound, with rising unemployment rates, part of the corporate fabric lost, and significantly higher levels of public and private debt, says BBVA . . .
PARIS -- Beyond the human tragedy of COVID-19, 2020 has left the world with a long list of economic consequences for the future - but they are not all negative, says BBVA Bank. "The most obvious consequence is the severe recession, with global GDP expected to decrease by more than 2.5%, which is a bigger decrease than that of the 2009 financial crisis (-1.7%)," BBVA says in a new report.
"We know that this decline is temporary and is not a response to cumulative imbalances of inflation or debt, as is the case with normal recessions," the report says.
"This should mean we are able to quickly return to how the situation was previously."