Allianz Global Wealth Report 2026

Allianz Global Pension Report 2020: The Silver Swan

Analyzing 70 pension systems in terms of sustainability and adequacy, only a handful of countries have already made their pension system demography-proof, above all Sweden, Belgium, and Denmark.

Global trade: Recession confirmed

Q1’s strongest contraction in merchandise trade since Q1 2009 is only the first part of the story. Our proprietary Trade Momentum Index shows that Q2 is likely to see an even stronger contraction. Indeed, April could post a -13% y/y drop.

The ECB is also here to close governments´ financing gap

In response to the Covid-19 crisis, gross financing needs could amount to EUR800-900bn for the Eurozone, and only part of it will be covered by the issuance of long-term bonds. Next to state guarantees — depending on how much they translate into actual financing needs — these needs include discretionary spending (investments, tax cuts etc.), and additional expenditure on social security (automatic stabilizers). As a result, public deficits will increase.