The main problems posed by the coronavirus pandemic for the economy will appear in the future.
This was announced on Wednesday, September 2, by the President of the Federal Office for Financial Supervision of Germany Felix Hufeld, speaking at the conference.
With European countries facing new outbreaks of coronavirus and governments struggling to figure out how to respond, Hoofeld expressed concern about the 20-30% of the weakest companies.
“We cannot get out of this case painlessly. That’s for sure. The tricky part is yet to come, ” the official said.
Deutsche Bank is also under no illusion about a quick economic recovery. The chief executive of the bank, Christian Sewing, is confident that neither this nor next year will the economy return to normal, and many of its sectors will operate at 70-90% capacity with “serious consequences.”
“A lot of companies will have to adjust to this and achieve profitability with lower revenues over the long term,” said Sewing.