As we know, the impact of COVID-19 will be significant.The first few weeks of the pandemic saw significant market value decreases in the financial industry, with many large macro impacts at play.
Significant GDP impact globally
A core growth predictor for many financial industries, we’ve already seen large impacts to GDP in many countries.
High levels of consumer uncertainty
Particularly with regards to job security, which has been damaging to consumer and business confidence.
Risks of a second wave and shut down
Growth is faltering, with the economy operating at a reduced capacity. The risk of a second wave and lockdown is substantial, which would prompt costly widespread economic lockdown again.
Read Croud’s full analysis of the impact to the financial services sector here: Croud Financial Vertical Whitepaper