Allianz Research

Allianz Global Wealth Report 2024:
Surprising relief

Global boiling: Heatwave may have cost 0.6pp of GDP

An initial ‘back of the envelope’ calculation suggests that the recent heatwave across the United States, Southern Europe, and China may have cost 0.6pp of GDP in 2023. The cost ranges from 0.1pp for France to 1.3pp of GDP for China. 

Critical raw materials – Is Europe ready to go back to the future?

The future will be powered by metals, but fenced in by iron curtains. Metals and critical minerals such as lithium, cobalt and nickel are crucial for the green transition, used for everything from electric vehicles to wind turbines. 

US & Eurozone growth defying gravity

The US economy stepped up the pace in Q2 2023, with GDP growing above-trend at +2.4% annualized, driven by soaring business investment. Q3 data continue to show positive signs, including a sharp rise in consumer sentiment and continued solid performance in the labor market.