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Stop-and-go containment measures confirm a return to normal in 2022. After strong post-lockdown catch-up effects, we expect the recovery to slow in Q4 2020 and Q1 2021 as distancing measures tighten again and ongoing job shedding keeps spend-ing and investment in check.
Never in the last ten years were we able to report such a big increase in wealth: Worldwide, gross financial assets[1] grew by 9.7% in 2019, clocking the strongest growth since 2005.
After its peak on 20 March 2020, the USD has depreciated 10% against the EUR (1.174 as of 21 September 2020), going back to levels last seen in mid-2018. This rapid depreciation has raised many questions about the future of the dollar.