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Dr. Lorenz Weimann

Allianz SE
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Global Corporate Debt

Aug 02, 2018 | Allianz SE

At a global level, companies’ leverage decreased by -3.2pp in 2017 to 53%. Paper, transportation and textile are the riskiest sectors due to structural changes.


Let Africa enter its Belle Époque

Jul 31, 2018 | Allianz SE

Africa’s attractiveness is strong since the continent’s growth is driven by capital intensive needs, particularly infrastructure. Therefore financing (both levels and sources) is among the key questions that need to be answered in order to properly channel funds to the right projects. The continent can make it work through a mix of formal solutions (FDI, fiscal resources) and innovative ones (mobile banking).


The View: Growing out of sync

Jul 26, 2018 | Allianz SE

The global economy is expected to continue to grow at a healthy pace
in 2018 and 2019 albeit mirroring more diversity in an asymmetric reaction
to a series of shocks on energy prices, political uncertainty and interest


Global Economic Outlook Q2 2018

Jun 29, 2018 | Allianz SE

Economic Research presents its Q2 2018 Global Economic Outlook and regional updates (North America, Latin America, Asia, Africa, Eastern and Western Europe)


The World Economy: The hot season

Jun 25, 2018 | Allianz SE

The View June 2018

Our monthly publication aggregats featured stories and regional updates, meant to cover angled regional topics and cast a new light on the latest economic news ​


Consensus Economics: Forecast Accuracy Award Winner Eurozone 2017

Allianz-Consensus Economics: Forecast Accuracy Award Winner Eurozone 2017
May 17, 2018 | Allianz SE

The Allianz Group Economic Research Team with its head Michael Heise won the Concensus Economics Forecast Accuracy Award for its 2017 forecast for the eurozone.


The World Economy: Party on?

May 04, 2018 | Allianz SE

The View April-May 2018

Our monthly publication aggregats featured stories and regional updates, meant to cover angled regional topics and cast a new light on the latest economic news ​


Payment behavior

May 04, 2018 | Allianz SE

Good news on global growth comes with a significant deterioration in payment terms. Days Sales Outstanding (DSO) increased by +2 days in 2017 to 66 days on average worldwide, its highest level since 2007.



Apr 30, 2018 | Allianz SE

Last March, Donald Trump decided to drag age-old protectionism out of the past, imposing tariffs on US imports. Retaliation from Chi-na – the main target – followed; a solution may be on its way, yet, fears of a trade war resurfaced.


Insurance markets 2017: 80 percent of growth comes from emerging economies

Allianz-Insurance markets 2017: 80 percent of growth comes from emerging economies
Apr 26, 2018 | Allianz SE

According to projections by Allianz Research, the global premium volume last year rose to a new record sum of 3.66 trillion euros (excluding health insurance). Compared to 2016, the nominal increase adjusted for exchange rate effects is 3.7 percent.


Turkey: Full of surprises

Nov 16, 2017 | Allianz SE

GDP growth in Turkey is estimated to pick up at +5.2% in 2017, before slowing down to +3.5% in 2018.


Russia Risks and Opportunities: Don't say 'hop' until you jumped over

Oct 26, 2017 | Allianz SE

Russian GDP is set to grow by 1.9%, the oil price will move to $56 per barrel, Russian exports are set to increase by $26bn, and both insolvencies and the negative impact of international sanctions on investment will decline in 2018 forecasts Euler Hermes, the world’s leading trade credit insurer. With this background demand for trade credit insurance is set to grow.


Brexit: Taking the pulse of the UK economy

Oct 24, 2017 | Allianz SE

While eurozone growth surprises on the upside the British economy is struggling to keep up.


Greece: From vicious to virtuous cycle - is this time for real?

Oct 17, 2017 | Allianz SE

As the global economy is getting back into gear, a review of activity and future prospects in Greece and its main trade partners.


Allianz Global Wealth Report 2017

Sep 27, 2017 | Allianz SE

Today, Allianz unveiled the eighth edition of its "Global Wealth Report", which puts the asset and debt situation of households in more than 50 countries under the microscope.


Economic Outlook: The Auto World Championship

Sep 12, 2017 | Allianz SE

Worldwide vehicle sales are forecast to reach 95.8 million in 2017 (+2.1% annual growth rate) and 98.2 million in 2018 (+2.5%), boosted by sales growth in China and India.


Survey in Germany and France

Jun 26, 2017 | Allianz SE

The outcome of the French parliamentary elections, that gave Emmanuel Macron’s party "La République en marche” a clear majority, is in tune with a study carried out by Institut für Demoskopie Allensbach on behalf of Allianz on the mood in Germany and France ahead of their respective elections.


ECB QE: Quest for Exit

Apr 26, 2017 | Allianz SE

In its latest study, Allianz Research analyzes the impact of monetary normalization on debt service payments of the private sector in the eurozone.


The Taming of the Brexit

Mar 29, 2017 | Allianz SE

The withdrawal notification sent by the UK government to the European Council on March 29th triggered the two-year countdown specified by Art. 50.


Excuse my French (elections)

Mar 06, 2017 | Allianz SE

France is a two-tier semi-presidential regime, traditionally resting on a two-party system. However, this election is different.


Allianz Global Wealth Report 2016

Sep 21, 2016 | Allianz SE

Today, Allianz unveiled the latest edition of its "Global Wealth Report", which puts the asset and debt situation of private households in more than 50 countries under the microscope.


Allianz Global Wealth Report 2015

Sep 29, 2015 | Allianz SE

Today, Allianz unveiled the latest edition of its "Global Wealth Report", which puts the asset and debt situation of private households in more than 50 countries under the microscope.


Allianz Global Wealth Report 2014

Sep 23, 2014 | Allianz SE

Today, Allianz unveiled the fifth edition of its "Global Wealth Report", which puts the asset and debt situation of private households in more than 50 countries under the microscope.


Investment in greener cities: Mind the gap

May 20, 2014 |

The megatrends climate change, aging populations, digitalization and urbanization mean that, around the globe, more than EU 50 trillion will need to be invested over the coming decades to adapt infrastructure to the new challenges.


Financial Market Outlook: No collective "emerging market crash"

Feb 03, 2014 |

For the emerging markets, 2014 has got off to a pretty dramatic start. Numerous emerging market currencies are under hefty selling pressure.  


Allianz Global Wealth Report 2013

Sep 24, 2013 | Allianz SE

Today, Allianz unveiled the fourth edition of its "Global Wealth Report", which puts the asset and debt situation of private households in more than 50 countries under the microscope. Based on the findings of the report, the global gross financial assets of private households grew by 8.1% in 2012.


Financial markets under the spell of expansionary monetary policy

May 02, 2013 |

Asset markets around the globe have factored in protracted monetary expansion. Despite the occasional bout of jitters, equity markets on the whole are looking robust and many are flirting with multi-year highs. Given the weak economic indicators seen in recent weeks, this is remarkable. 


The European Monetary Union in 2022

Dec 10, 2012 | Allianz SE

The importance of Europe as an economic and political force in the world has been dwindling in recent years. This process is set to continue in a world with newly emerging powers. We must acknowledge that the challenges of demographics and mobility are mounting drastically. 


EFR Growth Report 2012

Nov 15, 2012 | Allianz SE

Five years into the financial crisis, economic growth remains low across Europe. In some parts, output is continuing to contract.


Allianz Global Wealth Report 2012

Sep 18, 2012 | Allianz SE

The report shows that the marked recovery in financial assets witnessed in the aftermath of the financial crisis of 2007/08 came to an abrupt standstill last year: net per capita financial assets increased by only 0.6% in 2011, as against 7.8% and 9.7% in the years 2009 and 2010.


Germany: Slight increase in gross financial assets

Jan 23, 2012 |

High savings resulted in a slight increase by 1% in gross financial assets in 2011, despite the unfavorable stock market performanceJanuary 23, 2012


Demographic Pulse: Life without memories – the challenge of dementia

Dec 28, 2011 |

If no cure is found for dementia in the next few years, the number of people affected will continue to grow as a result of rising life expectancy. Alzheimer’s Disease International predicts that the number of dementia patients will more than treble by 2050 and reach over 115 million worldwide, equivalent to the combined populations of Spain and France today.December 28, 2011


Allianz Euro Monitor 2011

Dec 07, 2011 |

This year’s Allianz Euro Monitor reveals that, for the first time since 2007, the macroeconomic imbalances within the eurozone as a whole have decreased slightly. The private sector, in particular, has managed to reduce debt levels significantly. The Euro Monitor is an early warning tool measuring the extent to which individual EMU member states are achieving balanced growth and thus contributing to the stability of the euro area.December 07, 2011


Allianz Global Wealth Report 2011

Sep 14, 2011 |

The analysis of 50 countries shows shows that last year’s marked global upswing paid dividends for savers. Gross global financial assets climbed in 2010 by 6.2 percent to total EUR 95.300 trillion. For the first time, the previous record from end-2007 is surpassed.September 14, 2011


Heading for the next banking crisis?

Aug 29, 2011 |

Executive summary  Banks are plagued by the “Greek factor”: Fears of further write-downs on government debt weighs heavily on European banks.  Consequences for banks: No liquidity crisis – the ECB acts as back-stop liquidity mechanism – but elevated funding costs for term debt and capital: profit squeeze inevitable.  Consequences for the economy: As banks’ balance sheets have already improved considerably (more capital and deposits, less inter-banking business), a full-blown credit crunch is not on the cards but credit supply remains feeble – like demand from over-indebted private households and cash-rich companies.  Consequences for policymakers: Despite fresh calls for renewed support for banks such as guarantees or public re-capitalization, such a strategy is not very promising; a better and more efficient way to stabilize the banking system is to finally curb the sovereign debt crisis. 29 August 2011


Forecast Update

Jun 28, 2011 |

USA, Euro area, GermanyJune 28, 2011


Forecast Update

Apr 19, 2011 |

USA, Euro area, GermanyApril 19, 2011


Demographic Pulse: The price of our long lives

Mar 29, 2011 |

Long life expectancy and aging societies are either already a reality or soon will be in many countries. The proportion of over-sixties in the German population, which currently stands at around 26 percent, is set to increase to around 40 percent by the middle of the century. The positive development of longevity is the result of enormous social, medical and social progress. But longevity also comes at a price. By 2060 state expenditures for pensions, care and health will make up just under 30 percent of the gross domestic product in the Eurozone. Germany is close to the average EU level at 28.4 percent. To put this in perspective, the expected cost increase for Europeans due to the explosion of age-related state spending alone would consume the current economic output of the Netherlands, according to a recent Allianz Demographic Pulse study. March 29, 2011


Euro area sovereign debt – road to ruin or salvation?

Feb 25, 2011 |

The risk premiums that have to be paid by a number of EMU countries on the capital market remain stubbornly high. This is testimony to the lack of confidence in these countries' ability to get to grips with their debt problems without the need for debt restructuring. It is not, however, just the financial markets, but also policymakers that seem increasingly convinced of the need for debt restructuring. There are signs that the EU and major national governments are starting to consider debt restructuring for Greece.25 February 2011


Demographic Pulse: Retirement "tsunamis" all over the world

Jan 11, 2011 |

Dwindling state pensions, rising longevity and increasing personal responsibility for sufficient retirement savings – baby boomers all over the world face similar challenges and the United States is a laboratory for these trends. Whether or not they have the retirement they hope for is up to baby boomers themselves.January 11, 2011


Boost to gross financial assets of German households

Jan 06, 2011 |

High savings rate and strong stock market performance push gross financial assets to EUR 4.88 trillion in 2010January 6, 2011


Global economy: Growth slips down a gear

Nov 09, 2010 |

The global economy has bounced back strongly over the past one-and-a-half years: global trade and industrial production are now roughly back where they were before the financial and economic crisis struck. Industrial production has managed to shrug off a slump of 12%, while global trade has clambered back from a 21% nosedive. To date, the recovery has been very much a two-speed one. In emerging Asia and in parts of Latin America, we have seen a more or less classic V-shaped rebound. By contrast, the recovery in the large industrialized countries has so far been relatively weak, leaving the level of economic activity well below its previous trend and unemployment rates uncomfortably high. Ultimately, the varying pace of the recovery reflects the degree to which the countries were hit by the financial crisis. 09 November 2010


The Euro Monitor 2010

Oct 25, 2010 |

The Euro Monitor 2010 concludes that the 16 countries of the eurozone need to do more to underpin the credibility and stability of their common currency over time. the study evaluates and ranks the 16 eurozone countries based on their contribution to balanced growth, that is growth devoid of macroeconomic imbalances, and thus to overall euro-area stability. It is the first publication of its kind – and the first one to be published after the European debt crisis earlier this year – which provides a comprehensive overview of the current state of all eurozone countries. It ranks them according to 15 quantitative indicators in four key categories: fiscal sustainability; competitiveness and domestic demand; jobs, productivity and resource efficiency; and private and foreign debt. The Euro Monitor is designed to serve as a macroeconomic surveillance and early-warning tool, flagging up existing and emerging imbalances.October 25, 2010


Allianz Global Wealth Report 2010

Sep 14, 2010 |

The analysis of 50 countries shows that the wealth losses as a consequence of the financial crisis have not yet been overcome. Despite a marked increase to the tune of 7.5 percent, global financial assets at the end of 2009 (EUR 82.230 trillion) were still some 4 percent lower than the level of EUR 85.590 trillion reached before the crisis. “Far too little has been said so far about this blow to savers”, said Michael Heise, Chief Economist at Allianz.September 14, 2010


2010 - Moving along

Aug 24, 2010 |

The year is marching on. It is still too early to draw any conclusions, but from an economic perspective, 2010 has been largely in line with expectations thus far. The global economy has continued on the path to recovery following the crisis, and has actually made far better progress than international organizations like the IMF predicted at the end of last year. The IMF particularly underestimated the German economy, which at the end of 2009 was still forecast to grow by only 0.3% this year.24 August 2010


Demographic Pulse: Big and getting bigger

Aug 24, 2010 |

Despite the effects of the current financial crisis by 2020 the global retirement market is expected to grow by 66%, representing an annual growth rate of 4.7%, according to the recent Allianz Demographic Pulse. Total pension assets will increase from €22 trillion, to €36 trillion. Renate Finke, Senior Pension Analyst at Allianz says: “We expect the escalation in retirement savings to be the driving force for the development of the monetary wealth in many countries in Europe, Asia-Pacific and the United States.”August 24, 2010


Will consolidation kill the eurozone recovery?

Jul 08, 2010 |

Question marks over the continuation of the global economic recovery have appeared in recent weeks. China’s economic policymakers are attempting to curb buoyant business activity, optimism among Chinese companies is dwindling. In the USA there are mixed signals on the domestic economy, with labor market and housing data largely disap-pointing. Europe is dogged by the debt crisis, with its impact on the direction of fiscal policy. What is more, the G20 countries are still at odds about the right way forward for economic policy. 08 July 2010


Demographic Pulse: Africa: Out of poverty with clever women

Jun 22, 2010 |

Africa's population predictions raise the prospects of an economic upturn. In soccer, African hopes will be pinned in the coming weeks on the African teams competing in the World Cup: South Africa, Algeria, Ivory Coast, Ghana, Cameroon and Nigeria. These same countries also serve as prime examples of the challenges facing the African continent as well as the opportunities opening up for them. "From a demographic point of view, African countries will have a historical opportunity in the coming years to defeat poverty – provided that the right actions are taken," said Michael Heise, Chief Economist and head of Corporate Development of Allianz, summing up the results of the latest Allianz Demographic Pulse.January 22, 2010


Are lower yields here to stay?

Jun 21, 2010 |

It is hard to imagine a more conflicting situation. Inflation is the hot topic on countless television and radio debate shows, and potential buyers are queuing up outside precious metal shops. On the major bond markets, on the other hand, yields seem to be falling into an abyss, as if inflation had been nailed into its coffin for the foreseeable future. Yields on German government bonds touched all-time lows in late May, with US long-term interest rates also hovering at an exceptionally low level. The abundant supply of government bonds has failed to depress prices and raise interest rates. 21 June 2010


A Greek default is not the answer

May 27, 2010 |

In today’s vibrant media world, quick and stark assessments are called for. One currently doing the rounds  is that Greece will not be able to survive economically if it doesn’t restructure its debt. Restructuring, by the way, means reducing debt – be it by cutting interest rates on government bonds, extending maturities or by enforcing an outright haircut - it all amounts to a lower net present value of the asset held by the creditors. 27 May 2010


Resilience to the Greek shock?

Apr 28, 2010 |

For many weeks, financial markets seemed to be shaking off the threat of a Greek default and an imminent global public debt crisis. While spreads on government bonds of debt-laden EMU countries were exceptionally high, this did not affect emerging market spreads – even in those countries with elevated risks. Corporate bond spreads were also continuing to drift down. Market-to-market contagion – as seen in the financial market crisis 2008/2009 – was not evident. On the contrary: in recent weeks equity markets had been leaping from one annual high to the next, clambering back towards pre-crisis levels. Enthusiastic investors were driving up commodity market prices, copper was flirting with an all-time high. This did not look like the “new normal“ everybody is talking about. It was also striking that many markets saw volatility fall sharply. Volatility readings for the US and German equity markets dropped below their historical average.28 April 2010


Demographic Pulse: It's down to the "oldies" now

Mar 15, 2010 |

The ongoing demographic change has reached the labor market. A recent study conducted by Allianz shows that in 2010 for the first time the number of people aged between 60 and 65 will significantly outstrip the number of new entrants on the job market in the European Union. Currently, the EU is home to approximately 28.6 million people ages 15 and 20. And 28.8 million EU residents are between 60 and 65 years of age. This means that the number of people approaching or entering retirement will be around 200,000 greater than the number of school-leavers this year. "As the baby boomer generation moves into retirement, this gap is set to widen over the next few years, rising to 8.3 million by 2030," explains Professor Michael Heise, chief economist and head of corporate development at Allianz.March 15, 2010


Risks in the wings

Feb 18, 2010 |

One year ago, in the midst of the crisis, some professional forecasters suggested that the guild abstain from growth forecasts as economic developments were deemed too unpredictable. Now, at the beginning of 2010, any such qualms have been set aside. The world economy has experienced a relatively synchronized recovery since the middle of 2009, with the exception of some smaller countries. Purchasing manager indices in most countries are substantially above the 50 point level, signaling solid economic expansion.18 February 2010


Financial assets of households in Germany on the rise again

Jan 05, 2010 |

High savings rate and positive stock market performance boost gross financial assets to EUR 4.64 trillion in 2009January 5, 2010


Expect the unexpected

Dec 16, 2009 |

The future usually begins before you have prepared for it. This saying certainly applies to 2009, which brought us two completely different semesters. In the first half of the year most economies in the world were still on a downward slope, grappling with the consequences of the banking crisis that destroyed large amounts of financial wealth and created cathartic uncertainty.16 December 2009


Economic Snapshot: Germany: Economy gathering further pace

Dec 02, 2009 |

At the end of 2009 the German economy is gaining further strength. Gross domestic product, which rose by 0.4% in the second quarter and by 0.7% in the third, will record a further marked increase.December 2, 2009


AGI: Pension Sustainability Index 2009

Dec 01, 2009 |

Pension reform has topped the political agendas of countries around the world for many years now. The primary driving force for this has been unfavorable demographic developments coupled with unsustainable or outdated pension systems.December 1, 2009


European Growth and Jobs Monitor 2009: Autumn Update

Nov 09, 2009 |

Twice a year, Allianz and the Lisbon Council measure progress on the so-called Lisbon Strategy, Europe’s growth and jobs agenda, in The European Growth and Jobs Monitor. In the Spring, we examine how individual countries are faring with the Lisbon Strategy, and rank them based on a composite index made up of six key sub-indicators (Economic Growth, Productivity, Jobs, Human Capital Development, Future-Oriented Investment and Sustainable Public Finances). In the autumn update, we shift the focus, looking briefly at overall progress towards the Lisbon goals in the EU-15 and focusing on the economic outlook for the coming year.November 9, 2009


Defining the Direction of Defined Contribution in Europe

Oct 29, 2009 |

The shift towards defined contribution (DC) schemes has not been impeded by the financial crisis – if anything it has been accelerated. The insight is one of the many offered in an survey of leading pension experts conducted by Allianz Global Investors. With the exception of the Dutch, the majority expect DC schemes to dominate future occupational pensions markets with cost calculability rather than cost cutting being the key driver. Read more in the survey.October 29, 2009


Time to lean against the wind?

Oct 16, 2009 |

With stock markets almost back at pre-Lehman levels – something we thought unlikely before the year’s end – one question is emerging forcefully: who, for heaven’s sake, is driving the stock market rally? 16 October 2009


Challenges for US Baby Boomers Approaching Retirement

Sep 01, 2009 |

This report by Allianz Global Investors looks at the challenges facing US baby boomers as they approach retirement. Planning and saving for retirement has long been contingent on making sufficient contributions and choosing the right investments. Attention in the past was predominantly focused on the accumulation of pension wealth. It is not that accumulation has become less important. The difference is that individuals increasingly are assuming more responsibility for managing the dissaving process. In the last few years, the focus has shifted to converting accumulated pension assets into a retirement income stream. The US retirement market faces a compound problem. A lack of savings and an often insufficient knowledge of how to manage the dissaving process are two conspicuous challenges.September 1, 2009


Economic Snapshot: Germany: Emerging from the woods

Sep 01, 2009 |

The German economy managed to turn the corner in the second quarter of 2009. Following the severest economic collapse in the history of the Federal Republic, which saw gross domestic product shrink by 6.7% from the first quarter of 2008 to the first quarter of 2009, in the second three months of this year the economy returned to slight expansion.September 1, 2009


How the financial crisis affects pension funds

Aug 20, 2009 |

With the financial crisis now into its second year, Allianz Global Investors asked analysts in Germany and Switzerland to assess the consequences on pension funds and provide valuable insights into trends on funding pension liabilities, socially responsible investments and pension contributions.August 20, 2009


No summer break on financial markets?

Aug 03, 2009 |

Does the amazing stock market rally of late once again signal a departure of financial markets from the real economy? Are the stock markets going crazy? Since early July the FTSE has jumped roughly 18% and the DAX by almost 20%. Given the preponderance of forecasts with very negative GDP figures this year and no substantial recovery in 2010 this seems hard to explain.03 August 2009


Private household financial assets: the golden days of the past are a long way off

Jul 15, 2009 |

Private households around the world suffered savage blows to their savings in 2008, the likes of which have not been seen for many decades. How quickly and sustainably private households can recover their financial losses will depend largely on the extent and length of the recession, especially since unemployment and a fall in disposable income will also limit savings potential. This report by Dr. Renate Finke, Senior Pensions Analyst at Allianz Global Investors, examines the issues.July 15, 2009


Investment regulations and defined contribution pensions

Jul 15, 2009 |

New research from Allianz Global Investors AG in conjunction with the Organisation for Economic Cooperation and Development (OECD), shows that quantitative regulations may help in limiting retirement income risk in Defined Contribution (DC) systems in those countries where payments from DC are the main source of income at old age.July 15, 2009


Pension funds and the financial crisis

Jul 01, 2009 |

The financial crisis affects all segments of the financial industry and the financial markets. Pension funds are no exception. In 2008, the crisis caused pension fund returns to fall by up to 35%. However, losses differed greatly by country. This report by Allianz Global Investors takes a closer look.July 1, 2009


Demography: Shape your future

Jul 01, 2009 |

Since the advent of industrialization, the global population has been growing inexorably. By 2050, the number of people populating the earth will have risen to more than nine billion. But in contrast to previous eras, the main factor driving the growth of the global population today has been increasing life expectancy across the world. Conversely, birth rates are falling and the number of children (individuals below the age of 15) is likely to decrease slightly from 2020, while the number of people aged over 65 will increase by nearly one billion. There will therefore be dramatic changes in the age structure of the population.July 1, 2009


A new interest rate conundrum?

Jun 26, 2009 |

Sentiment on bond markets has turned in recent months. Since the lows at the end of 2008 bond yields have climbed up more than 100 basis points for 10-year US Treasuries and 50 basis points for German bonds. We are almost back to “pre-Lehman levels”. At first sight, this seems to be quite at odds with the real economy and inflation. After all, since the fall of 2008, the world economy has seen the steepest slide in production for decades and inflation has been declining rapidly. So why this strong rise in yields, unexpected by so many forecasters? 26 June 2009


Yes, we Keynes

May 07, 2009 |

So here it is, the turn of the cycle. It is earlier than most expected and - somewhat ironically -, it is occurring at a time when a string of forecasts has been published e.g. by the IMF, the EU Commission, research institutes and the German government that predict no real recovery until the second half of 2010.07 May 2009


Germany: Fall in financial assets of private households

May 01, 2009 |

This report by Allianz Global Investors shows that financial assets held by private households in Germany at the end of 2008 totalled EUR 4.41 trillion, around EUR 139 billion less than at the end of 2007. The stock exchange crash led to the second fall in financial assets in the history of the Federal Republic of Germany. By international comparison, however, the balance still looks good.March 1, 2009


Western Europe: Fiscal pressures - ageing costs still on the horizon

Apr 01, 2009 |

Pension reforms have been a constant feature of the European political landscape in the last decade as governments sought to re-weight pension provision from pay-as-you-go to funded systems. However, the current economic crisis threatens to leave the process stranded in a “twilight zone” with some governments distracted by events or losing the political will to implement further steps in the process. This report by Allianz Global Investors highlights the risks.April 1, 2009


No L on earth

Mar 24, 2009 |

The dramatic downturn in the world economy has spawned a host of horrific scenarios. With global orders for electronics, machinery and automobiles plummeting 20 to 50% on a year earlier and evidence of a severe slowdown in world trade, even experienced and hard-nosed people like Paul Volcker are drawing comparisons with the Great Depression of the years 1929 to 1933. Among the variations of the depression scenario under discussion are the collapse of eastern European economies, government defaults of formerly solid states like Austria and the breakup of the eurozone, with all this culminating in the tears of inflation.24 March 2009


European Growth and Jobs Monitor 2009

Mar 09, 2009 |

Our annual European Growth and Jobs Monitor, which measures progress in the Lisbon process, shows that all European countries are suffering from the global economic downturn, but some – such as Finland – are better placed to withstand the crunch. The study, now in its third edition, looks at the EU’s 14 largest economies – Austria, Belgium, Denmark, Finland, France, Greece, Germany, Ireland, Italy, Netherlands, Poland, Spain, Sweden and the United Kingdom – and measures how they perform in reaching goals derived from the so-called Lisbon Agenda, the 2000 initiative in which European leaders vowed to make Europe “the most competitive and dynamic knowledge-based economy, capable of sustainable economic growth, with more and better jobs and greater social cohesion.” The study ranks countries according to six key criteria including economic growth, productivity growth, jobs, human capital, future-oriented investment and sustainable public finances.March 9, 2009


After the financial crisis and recession: Subdued growth against more stable backdrop

Jan 29, 2009 |

The interaction between the weakness of the real economy and the financial crisis is certainly what makes the current economic crisis both special and at the same time threatening. If the economy does not recover it will be very difficult to get banking markets back into full functioning order again. On the other hand, the dislocation of financial markets represents a considerable hurdle to overcoming the economic downturn.29 January 2009


The European Growth and Jobs Monitor: Update, Autumn 2008

Oct 20, 2008 |

Europe is well-positioned to recover in 2009 thanks to a relatively competitive corporate sector, comparatively smaller excesses on financial markets, high levels of personal savings, an improving human capital base, and relatively strong public finances


US retirement at risk

Sep 30, 2008 |

This report by Allianz Global Investors argues that the US pension landscape is in a state of transition and, as a result, the populationwill be exposed to evermore retirement risks. The role of Social Security is uncertain and employers are continuing to move away from guaranteeing pension benefits. As a result, there has been an evident shift from collective to individual responsibility.September 30, 2008


European Growth and Jobs Monitor 2008

Mar 04, 2008 |

The second edition of our annual European Growth and Jobs Monitor, which measures progress in the Lisbon process, shows sharp improvements in most countries. Eleven of the EU’s largest economies are well-placed to meet the Lisbon targets. Finland and Ireland rank Nos. 1 and 2; Austria, France and Italy lag; UK and Germany most improved; Netherlands suffers steep downgrade. Productivity growth in 11 European countries is now rising faster than in US. We have extended the group of countries analysed from the nine largest EU economies in our last Monitor to the fourteen largest this time round. What is more, the highly charged nature of the debate on climate change has prompted us to include a special section in this paper entitled “Energy efficiency – a key driver of growth”.March 4, 2008


Pension trends in emerging markets

Mar 03, 2008 |

A wave of pension reforms has been implemented in industrialised countries since the early 1990s. Less publicised, but more far reaching are those reforms implemented in emerging economies. In the emerging economies of Asia and Central and Eastern Europe (CEE), demography is a powerful driver of reform as the outlook is not much rosier for many emerging economies than for the industrialised countries in terms of the aging population. However, demography is not the sole reason for pension reform. This report by Allianz Global Investors takes a closer look.March 3, 2008


The European Growth and Jobs Monitor: Interim Update, Autumn 2007

Nov 20, 2007 |

In addition to our annual European Growth and Jobs Monitor, which measures the progress made with respect to the Lisbon Process, we plan, from now on, to highlight what we believe to be particularly promising growth drivers in another annual feature. This time, the growth driver in question is infrastructure investment.November 20, 2007


European Growth and Jobs Monitor: Indicators for Success in the Knowledge Economy

Feb 22, 2007 |

Allianz SE and the Lisbon Council, a Brussels-based think tank, have released the “European Growth and Jobs Monitor”, a new, leading-edge ranking on indicators for success in the knowledge economy. The report shows that the nine largest EU economies are reaping the benefits of reforms. Productivity in some European countries meanwhile is rising faster than in the U.S. Sweden ranks No. 1; Belgium most improved, but Germany also scores well; France and Italy lag behind.February 22, 2007


Gulf states: The joy and curse of oil wealth

Feb 20, 2006 |

In no other world region does the commodity oil play such a dominant role as on the Persian Gulf. With the oil they exported in 2004 the Gulf states could satisfy Europe’s entire oil consumption. Their pre-eminent position is further underpinned by their formidable oil reserves, which make up almost 45 % of all known oil deposits. What is more, production costs are extremely low in comparison to other oil-producing regions. And what does the future hold? We present three scenarios.February 20, 2006


Travel Report 2006: Moderate growth in German travel spending

Jan 17, 2006 |

According to the Dresdner Bank, the 2006 soccer World Cup is set to ensure a tourism boom in Germany. Tourism revenue will rise by around 7 percent on a year earlier to EUR 25bn, according to the bank’s economists in their latest travel report presented at the CMT (Tourism Fair) in Stuttgart. “By the end of this year Germany will have seen tourism revenue rise by around 25 percent since 2003“, according to Hans-Peter Muntzke, tourism expert at the Dresdner Bank. This makes Germany the fifth most popular tourist destination in the world behind the USA, Spain, France and Italy.January 17, 2005


Investing in Central and Eastern Europe

Oct 31, 2005 |

The economists at Allianz and Dresdner Bank have updated and released the trusty Investment Guide for Central and Eastern Europe.October 31, 2005


Energy for tomorrow's world - trends, scenarios, tomorrow's markets

May 31, 2005 |

The structure of global energy supply will change fundamentally over the coming decades. The importance of renewable energies will increase. This transformation will be driven by a sharp rise in prices for dwindling fossile fuels. On top of this comes climate damage, which is already placing limits on the use of oil and coal as a source of energy. Problems on the energy front can only be solved by expanding the use of environment-friendly sources of energy and by more efficient energy production and usage.May 31, 2005


Lisbon II - Opportunities for Europe

May 11, 2005 |

Two important initiatives are on this year’s political agenda: the revitalization of the Lisbon Strategy and the reform of the Stability and Growth Pact. Fiscal policies in line with stability are easier to implement in a strong economy, and both issues are important in determining the international role of the euro.May 11, 2005


Shift in savings patterns influences capital markets

Oct 05, 2004 |

In the coming decades fluctuations in savings and investment patterns will have a marked impact on the capital markets and the trend in yields. However, there will be other factors curbing the swings.October 5, 2004


Health market – engine of growth

Jul 31, 2004 |

Against the backdrop of foreseeable demographic changes, reform of the health system is urgently needed. Basically, the same applies as in the case of pensions – the best insurance against demographically-related spending increases is a greater emphasis on capital funding. But, despite all the difficulties, the rosy outlook for the health market in the long tem should not be forgotten.July 31, 2004


Perspectives of EU enlargement

Nov 30, 2003 |

Some 15 years after the fall of the Iron Curtain, eight central and eastern European countries, plus Cyprus and Malta, are set to join the European Union in May 2004. In this report we examine the prospects for the enlarged EU, the financial framework up to 2006, the outlook for the individual accession countries and their path to monetary union.November 30, 2003


German pension insurance after the “Riester” reform

Jul 31, 2003 |

The introduction of pension reform and the so-called Riester pension in 2001 was merely a first step towards overhauling the pension system. The reform was soon followed by disenchantment. High unemployment, for instance, is making it increasingly difficult to fund pensions. However, the greatest single risk lies in demographic trends. For this reason, there is no alternative but to build up funded pension provision.July 31, 2003