Allianz Global Wealth Report 2026

The risk of 9 million zombie jobs in Europe

In Europe, blanket job-retention schemes helped prevent mass unemployment in the short-term, contrary to the U.S. experience: Close to a third of Europe’s workforce or 45 million jobs in the five largest economies alone are currently benefiting from national employment support schemes. 

Equity markets: Have policymakers created Pavlovian markets?

Wall Street is responding faster and faster to counter-cyclical policies, as if it was 100% sure that past experience is a sure guide to the future. In the context of the Covid-19 crisis, the response time of the U.S. and global equity markets to the beginning of the implementation of counter-cyclical monetary and fiscal policies has indeed shrunk to zero.

Rough landing: 2020 will be a terrible year for air transportation

Global demand in air transport will not return to its pre-Covid-19 level before 2023. The unprecedented slump in international travel will make 2020 a terrible year for the air transportation industry.