Coronavirus briefing: European recovery is slowing down
Coronavirus briefing: European recovery is slowing down

The epidemic

  • Globally, daily cases have decreased slightly. However, many countries have also reached the upper limit of their testing capacity.
  • Cases are still rising in India, while South Korea reported its highest daily rise in cases since March on Sunday.
  • Cases in Europe have continued to rise. Last week, Spain, Italy, Germany, and France all recorded new daily highs since the spring months.
  • In Sweden, new cases have moved sideways, while the number of daily deaths remains stable. However, last week there was an increase in the number of patients in hospitals in Stockholm.
  • Daily cases in Denmark have decreased after a jump in cases. Norway and Finland have seen marked but limited resurgence so far.
  • In the Baltics, the climb in new cases continues in Lithuania. In Latvia, the number of daily cases has decreased, after a small spike, while in Estonia cases have jumped up again.

Policy

  • Trump announced the emergency authorization of convalescent plasma for Covid-19 patients on Sunday.
  • According to WHO, children aged 12 and over should wear a mask. In Europe, many countries recommend wearing masks in public places. In Belgium, masks will be mandatory for older children in schools as well.
  • Wearing masks has also been recommended in Norway, Denmark, and Finland. Sweden, however, goes its own way without a mask recommendation.

Economic effects

  • Eurozone Flash PMIs indicate that the European recovery is slowing down. The only PMI improving in August was German manufacturing, while services PMIs fell sharply everywhere.
  • In Sweden, the unemployment rate remains unchanged at 9.2% in July, while the number of hours worked declined by 8.0% y/y. 


PDF-Document Read the full analysis/report here (pdf)


Sonja Liukkonen 
Junior Economist 
Swedbank AB (publ) 
FI-00100 Helsinki 
Phone: +358 400 98 21 59 
research.swedbank.se 


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