Spain has been hit harder than most European countries because of high infection rates and an already damaged economy
According to GlobalData, retail savings and investment markets in Spain are anticipated to grow in 2020, despite the pandemic. Nevertheless, this growth is mainly attributed to increases in retail deposits.
The total size of the market is anticipated to increase by 1.4% in 2020, compared to 2.5% before the pandemic. Although, retail equity growth was revised down from 0.1% to -22.6% since consumers choose the safest possible options.
Equities are forecast to take the biggest hit as the nationwide lockdown has caused a major loss of activity across industries. The IBEX35, the country’s flagship index, has lost 28% of its value year to date as the government put the economy into a deep sleep. While the index recorded positive growth at the beginning of April of the back of slowing infections, gains were less pronounced in the wider regionrn
We’ve reported that the coronavirus pandemic could cost the global economy more than $8.8 trillion.
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