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Economic forecasts for 2020 indicate that the COVID-19 crisis will be the deepest and most intense crisis since the end of World War II — for Europe, Spain and the Community of Madrid and for the global economy.
U.S. economy showed further signs of strengthening with the labor market adding 4.8M jobs. While overall unemployment rates have declined, there remain significant disparities among groups.
Although it is difficult to separate the contributions of the different factors shaping the economic and health crisis, public policies and measures are of tremendous importance. A successful exit strategy and achieving the highest possible level of certainty will accelerate the economic recovery.
The health crisis is causing an unprecedented collapse in consumption. Spending on durable goods loses in three months what it has regained in seven years. The decline in vehicle purchase intentions anticipates a significant contraction in demand in 2020, which will rebound in 2021.
The exit strategy must maximize economic activity and health through healthcare best practices, the international coordination and management of economic policies, certainty, consensus and the collaboration of all economic agents.
Not only do health crises claim lives, economic crises do as well - by reducing essential resources and investments and destroying jobs. And the current health crisis, with its lockdown measures, is having an enormous economic impact.