Belgian economy will recover by 2023 at the earliest from the Coronavirus crisis
It is expected to take until 2023 before global trade returns to the level before the coronavirus crisis. That is what the economists at Euler Hermes write in a new macro-economic study. Belgium is among the worst cases in Europe: countries like Germany, the Netherlands and Sweden will recover faster. Also worth noting: COVID-19 makes the re-election of the American president, Donald Trump, very unlikely.
The global economy has suffered a severe blow: the experts at Euler Hermes expect a contraction of at least 4.7% in 2020. Global trade will fall by 15%. The energy sector has been particularly hard hit. The metal industry, the transport sector and car manufacturers also shared in the setbacks. International trade is expected to recover from the crisis at the earliest in 2023.