Accessible summary : Economic uncertainty continues, recovery expected to be uneven

Show full item record

Title: Accessible summary : Economic uncertainty continues, recovery expected to be uneven
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 94
Series number: 5/2020
Year of publication: 2020
Publication date: 9.11.2020
Pages: 5
Subject (yso): pandemiat; kriisit; finanssipolitiikka; euroalue; kansainvälinen talous; rahapolitiikka; talouspolitiikka
Keywords: COVID-19; korona; koronapandemia; EKP
Other keywords: global economy; monetary policy; fiscal policy; economic policy; euro area; corona; corona pandemic; ECB
Abstract: The worldwide economic crisis caused by the corona pandemic peaked in March 2020. In the early part of the year both output and consumption contracted suddenly and strongly; in other words, goods and services were both produced and consumed considerably less than before. The global economy is forecast to contract in the current year by around 4–6%, and the euro area economy by around 8–10%. Prior to the corona crisis, in 2019 the economy grew 2.9% globally, and 1.3% in the euro area. In the current year, the euro area economy would appear to be diving slightly deeper than the US economy, but the pace of recovery for both is very uncertain. Unemployment is growing, but in the euro area sudden mass unemployment has been avoided through the deployment of furloughs and various support measures.
Note: The accessible version

Files in this item

Total number of downloads: Loading...

Files Size Format View
BoF_Bulletin_summary_5_2020.pdf 513.2Kb PDF View/Open

This item appears in the following Collection(s)

Show full item record