Silvia Ardagna
Showing 1–2 of 2 transcripts.
- Goldman Sachs9 min
Europe’s Slowing Economic Recovery
Goldman Sachs projects a divergent global recovery where the US is expected to rebound to pre-crisis GDP levels by mid-2021, outpacing softer recoveries in the Euro Area and UK due to fiscal capacity and pandemic trajectory differences. While the outlook identifies Brexit negotiations as likely to result in minimal trade deals by mid-November, the firm classifies record sovereign debt levels as sustainable "good debt" that avoids inflationary spikes given negative output gaps and anchored expectations. Consequently, the investment strategy advises long-term holders to maintain strategic allocations while overweighting US equities over European and emerging market stocks based on superior demographics and innovation.
- Goldman Sachs58 min
An Update on the Economic and Public Health Implications of Coronavirus for Europe
Sharmin Mossavar-Rahmani, Dr. David Heymann, Sven Jari Stehn, Silvia Ardagna, Peter Oppenheimer, Sharmeen Mosavar-Rahmani
Hosted by Goldman Sachs on March 26, 2020, a panel of infectious disease experts and economists analyzed the severe impact of the coronavirus on Europe, highlighting Italy's high mortality due to demographic factors and early hospital overload while noting a potential 9% GDP contraction in the Euro area by year-end. In response to the crisis, European central banks and governments deployed unprecedented monetary and fiscal measures, including unlimited asset purchases and corporate loan guarantees, though fragmentation within the Eurozone contrasted with more coordinated US actions. Despite the deepening economic downturn, equity strategists noted that market valuations have reached historic lows, projecting a high probability of double-digit returns over the subsequent 24 months as earnings decline stabilizes.