Retail Banking in Franc.-(COVID-19) Impact Snapshot
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the globe losing 20-50% of their value year-to-date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessionary environments.
A similar trend was seen in France, as economic growth in the country registered a dip in the first quarter of 2020. The government started to ease lockdown restrictions from May 11, 2020, allowing non-essential businesses to operate. A gradual economic recovery is now expected, which will have a positive impact on the banking industry.
This report focuses on the impact of the Coronavirus outbreak on the economy and the retail banking industry in France. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat Coronavirus.
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