Allianz Research

Volle Kraft voraus:
Global Wealth Report 2025

Fall Economic Outlook: Lights out! Energy crisis, policy mistakes and uncertainty

As Russian gas supply is coming to a halt, the fight against inflation is raging and political uncertainties coalesce, our previous adverse scenario has become reality. The trifecta of lower growth, higher inflation and higher rates will hit even harder. 

Missing chips cost EUR100bn to the European auto sector

The automotive industry has been the number one casualty of the global semiconductor crunch: We estimate that it led to a shortfall of about 18mn vehicles around the world. Europe’s automotive sector has been hit the hardest, and its weak semiconductor sector did not help. We estimate that the semiconductor crunch will cost Europe about EUR100bn over 2021 and 2022. 

Italy’s elections: Snapping back?

Rising political risks have exacerbated an already challenging economic outlook for Italy: Ahead of the snap elections on 25 September, a right-wing coalition comprising the Brothers of Italy, Lega and Forza Italia is currently leading the polls and is likely to secure the parliamentary majority.