EZ: crisis does not hit all countries equally hard

Erste Group
By May 21, 2020 13:16

EZ: crisis does not hit all countries equally hard

The GDP data of the EU countries for 1Q developed very differently. Interestingly, there is no clear correlation between the duration of the quarantine measures taken and the economic damage caused. It is noticeable that countries such as Austria, Germany, Denmark, Norway, the Netherlands and Finland, which imposed quarantine measures early on in relation to the workload of the healthcare system, recorded comparatively low economic damage in 1Q. Sweden's economy has so far suffered almost no damage due to early, minor restrictions. On the other hand, countries whose late reaction led to a considerable overloading of the health system (Italy, Spain and France) have suffered the most severe economic damage. However, the economic structure may also have played a role in the comparatively good economic performance of northern and central European EU countries. For example, during the crisis, digitization experienced an upswing, due to the sudden change in conditions (rapid increase in home office, home schooling and online commerce), while other parts of the economy (stationary commerce, tourism) suffered an unprecedented slump in business. Here it is striking that those EU countries that are at the top in the Euler Hermes Digitization Index (Germany, the Netherlands, Denmark, Sweden, Austria and Finland) have already weathered the coronavirus crisis comparatively well in the first quarter. Finland, Sweden, the Netherlands and Denmark are also the clear leaders in the EU's 'Digital Economy and Society Index', while Germany and Austria do not perform quite as well in this index.

Erste Group
By May 21, 2020 13:16

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