The turbulent first half leaves nearly 75% of our 52 global non-financial industry sector outlooks negative, indicating worsening fundamental business conditions for most industries worldwide over the next 12-18 months, and for the first time in 12 years, there are no positive outlooks.

In Europe, coronavirus fallout will increase demand for social services and healthcare in rapidly aging societies, exacerbating budget pressures, encourage countries to become more self-sufficient, and increase their investments in technology.

Amid the coronavirus pandemic, migrant workers’ lower remittances to home countries will reduce recipient countries’ balance of payments.