European Central Bank confirms: economy will take two years to recover from crisis

The pandemic situation in the world is evolving in dispersed order: it seems to be slowing down in France but accelerating in other European countries ... and everyone is taking the measures they deem necessary. But a big question remains: how long will the economic crisis linked to the health crisis last? About two years, according to the ECB. Hope for a vaccine in 2021 In an interview that the chief economist of the European Central Bank (ECB), Philip Lane, gave to the newspaper Les Echos on November 22, 2020, we discover that it will be the vaccine, announced as available at the end of 2020-beginning of 2021 which will play an essential role in the recovery of the economy. For now, the ECB is watching closely "the circulation of the virus" and the health measures taken as a result, but especially the change in "consumer behavior". "It is certain that the two phenomena combined will lead to a decline in activity."

In 2020, the hydrocarbon sector will record a loss of $ 1.8 trillion (Fitch Ratings)

The coronavirus pandemic will cause $ 5 trillion in losses to the global economy this year. Fitch says the oil and gas industry alone will lose $ 1.8 trillion, nearly 40% of the total. This is the sector that will be most affected by the crisis.
In 2020, the hydrocarbon sector will record a loss of $ 1.8 trillion (Fitch Ratings)

According to a study by the rating agency Fitch Ratings, in 2020, the coronavirus pandemic and the resulting collapse in oil prices are expected to cause a loss of $ 1.8 trillion for the oil and gas sector. Knowing that the agency predicts that the total losses to the world economy will be 5 trillion dollars, this corresponds to more than a third of the total losses and makes this sector the most affected.

 “The critical and costly nature of oil and gas extraction in terms of revenue, operating expenses and investment explains why this sector dominates our projections of revenue loss in 2020. This is six times more than the impact on the retail sector for example, "noted Fitch Ratings.

Meanwhile, exploration and production revenues are expected to drop by about $ 1 trillion to $ 1047 billion, according to independent research company Rystad Energy.