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Allianz Research

Allianz Global Wealth Report 2024:
Surprising relief

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Table of contents

Executive summary

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Financial assets: Surprising relief

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Liabilities: Expected restraint

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Real estate: Setback

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Distribution: Progress is in the eye of the beholder

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Appendices

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Our team

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Key contacts and links

General Inquiries
  

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Economic Research
  

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Investor Relations
  

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Press
  

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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.

A German-French trial balloon on fiscal union

On 18 May German Chancellor Angela Merkel and French President Emmanuel Macron proposed the set-up of a one-off EUR500bn strong (3.6% of 2019 EU GDP) recovery fund to help those economies hit hardest by the Covid-19 pandemic.

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