Allianz Global Wealth Report 2026

Reopening the world: Beware of false starts

Black hole economics. Lockdowns for more than half of the global population and GDP have hit the world like a meteorite, pushing the global economy into its worst recession since WWII.

Europe should unlock excess savings from Covid-19 response

We estimate that in Europe, household saving rates could increase by as much as +20pp to 36% on average in Q2 2020. This means EUR1.3tn of additional savings, or 10% of GDP. Total savings could peak at EUR2.3tn.

China: In search of lost demand

China’s GDP growth collapsed to -6.8% y/y in Q1 2020, down from +6.0% in the previous quarter. This is the first contraction since quarterly GDP started to be published, in 1992 and worse than consensus expectations (-6.0%), though better than our forecast (-9.0%).