The coronavirus pandemic has changed the world. Less than half a year ago, much of the world was in a state of shock. Public life came close to a complete stop in many countries. The coronavirus struck the economy without warning, and with devastating impact. The costs are expected to surpass anything ever before seen in the economic and financial crises of recent decades, says Dr Rudolf Staudigl, President and CEO Wacker Group.

The pandemic is a massive challenge with economic, political and social ramifications for every single one of us. The economic forecasts for 2020 illustrate this challenge. There is no other way to say it: they are dramatic. The International Monetary Fund (IMF) estimates that the global economy will shrink by some five percent, with Europe contracting by as much as 10 percent. Even if we are returning gradually to normal everyday working and living, analysts agree: The consequences of this pandemic will affect economic activity worldwide beyond 2020.

See how in the latest issue of PCE-International