McKinsey experts discuss the economic impact that COVID-19 has had on Europe, the policy response by governments, and the possible timeframe and trajectory of a recovery.
Following the onset of the COVID-19 pandemic in Europe, government leaders took action to blunt the economic impact—including the threat to tens of millions of jobs—with extensive stimulus programs to support people and businesses during the lockdown. Still, major questions loom: How well will these measures cushion the blow to people and companies? And once the worst of the virus has passed, will the economic recovery be rapid or gradual?
In this webinar, McKinsey experts share perspectives on the pandemic’s impact on Europe and prospects for a recovery there.
- What the future may hold. Senior partner Sven Smit walks through scenarios for the economic recovery and discusses the factors at play. Since the future might see successive waves of outbreaks, an understanding of the range of economic possibilities is critical to business planning—both now and in the medium term.
- The impact on Europe by the numbers. Tera Allas, director of research and economics, shares initial economic statistics and McKinsey analysis from across Europe, including the dramatic rise of temporary and permanent unemployment and the varied impact on sectors and occupations.
- Lessons from Asia. Jeongmin Seong, an MGI partner based in Shanghai, shares what he’s observed as Asian countries have reopened. Indicators such as consumer optimism, supply chain activity, labor redeployment, and investments in digitization are cause for optimism.
Collaboration between the public and private sectors and the initial resilience of businesses in Europe have demonstrated the possibility for protecting both lives and livelihoods. For more, please see “Safeguarding Europe’s livelihoods: Mitigating the employment impact of COVID-19” and “Europe needs to prepare now to get back to work—safely.”
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This content was previously posted on McKinsey’s COVID Response Center and is subject to our commitment to the Open Covid Pledge under these Terms of Use.