The Allianz “Global Wealth Report” analyzes the financial assets and indebtedness of private households in almost 60 countries. The current edition with the numbers for 2020 has now been published.
- The global gross financial assets rose by 2020% in 9,7, reaching the “magic mark” of 200 trillion euros for the first time.
- The lockdowns drastically reduced consumption opportunities and led to the global phenomenon of "Forced savings". Fresh savings soared 78% to 5,2 trillion euros, an all-time high.
- 2020 are the private financial assets grew faster in the emerging markets (+ 13,9%) than in the industrialized countries (+ 10,4%).
“Long Covid” mainly affects poorer countries
- While many developing countries performed surprisingly well in the first year of the pandemic, there are many indications that the long-term consequences - from insufficient vaccinations and reorganized supply chains to digital and green transformation - could hit poorer countries in particular.
- Most likely, Covid-19 will Economic growth of these countries significantly longer than that of the industrialized countries.
- When state aid runs out, the direct consequences of the crisis - the loss of millions of jobs - will be felt again. In addition, the crisis has had massive adverse effects on the Education guided. Covid-19 is likely to be the case social immobility rather reinforce. The gradual disappearance of the middle class has only stopped temporarily. (Source: Allianz SE)
The degrowth movement, among others, questions whether the concept of growth is still sustainable. In the post "What is degrowth?" you can find out more about it.
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