The crisis, which is also expected to lead to a downward revision of the forecasts for 2020, could however have long-term consequences, with the deterioration of public finances, accumulation of bankruptcies and prolonged unemployment for many people. These induced effects will mainly be felt in 2021.
The OECD published a note lowering the growth forecast for the euro zone to -1.3% in early March. However, it is still too early to quantify the impact of the crisis on economic forecasts, but the only certainty is that 2020 will be a much worse year than expected.
Although Luxembourg experienced significant growth in 2019 - currently evaluated at 2.3% compared to 1.2% in the euro zone - the fall in the stock markets at the start of the year should have consequences for the sector's financial activity.
