Regional Sector Performance Snapshots

At-a-glance information on how industries are performing in specific countries

 

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The COVID-19 pandemic has had a financial impact on every economy throughout the world, triggering the worst economic recession in almost a century. Whether due to lockdown orders restricting the ability to operate, staff sickness, or interrupted supply chains, the majority of businesses throughout the world have been impacted by this health emergency. However, the picture is not uniform. The business performance outlook is affected by economic variables beyond the virus including Brexit, US-China trade wars and industry trends in individual sectors, such as the move towards electric vehicles in the automotive sector. 

Download the relevant industry outlook for your country below

Western Europe

In addition to interventions made by individual EU states to their own economies, EU leaders agreed a deal for a EUR 750 billion EU recovery fund to help EU countries recover from the economic effects of the pandemic.  Although this will soften the blow, the Eurozone region is still heading for a historic recession in 2020, where lockdowns and trade uncertainty are compounding earlier stresses caused by weakening foreign demand, trade tensions and no progress on a post-Brexit trade deal.

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Eastern Europe

Major economies Russia and Turkey are among the worst affected by the coronavirus recession in Europe. Russia has been hit by a double shock: the economic cost of lockdown measures combined with low oil prices and a commitment to cut oil output. For Turkey, export and tourisms revenues plummeted adding to a GDP account deficit of -6.4%. 

Asia and Oceania

The Chinese economy has been severely hit by the coronavirus and is facing the lowest growth rate in decades. That said, the Chinese economy is performing better than the US and Europe. Consumer-facing businesses including retail, travel and hospitality have borne the brunt of economic squeeze. This has impacted economies such as Japan, which is facing a sharp contraction of tourism revenues. 

Americas

The pandemic has hit the US hard, with the highest number of infections and deaths in the world. Unemployment has risen sharply with most jobs lost in retail, leisure, hospitality and transport, caused in part by a dramatic fall in consumer spending. Mexico is facing a deep recession. In particular, the automobile sector outlook - Mexico‚Äôs leading source of exports -  is showing a sharp decline in demand combined with supply chain disruptions. 

View how sectors are performing in 2020

 

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