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Longer term thematic consequences of COVID-19

Global Equities

BNP Paribas Asset Management
 

 

 

Key Takeaways

  • It’s been coming for years, but now comes monetary and fiscal fusion in the form of expanding fiscal deficits financed by central banks.
  • Complex supply chains have increased the fragility of the global economy, and their fragmentation will accelerate leading to more localized supply chains.
  • The world will become less optimized, less global and more regional and national – but also more robust and less fragile.
  • Digitization of businesses and societies as well as the transition to the cashless society will accelerate.
  • There will be a fundamental reassessment of travel and how work is organized.

We are witnessing financial market history. The ‘black swan’ materialized with the advent of the coronavirus (COVID-19), but the virus was the trigger and not the cause. This is not a conventional crisis; it is a crisis facing individuals, families, communities, regions and countries all over the world. It is also a demand as well as a supply shock.

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