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Every quarter, our specialists interpret trends in the global economy and financial markets. Read their views on the second quarter of 2020.

Macroeconomic environment

  • Containment measures to stop the spread of coronavirus are causing a global recession which could reach unprecedented proportions.
  • Political and monetary authorities are launching unparalleled fiscal and monetary stimulus programmes.
  • The coronavirus pandemic is likely to reinforce a number of trends already evident in recent years: a greater role for the state, even more powerful oligopolistic multinationals, and growing social inequalities.

Financial markets

  • The scenario of a strong resumption of economic growth in the second half of the year, on which the market rebound is based, seems illusory.
  • The post-crisis economic and financial environment is likely to be very different from before.
  • Gold is more than ever an indispensable component of a balanced portfolio.

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