Retail Banking in Sweden: Coronavirus (COVID-19) Sector Impact

2020-05-20
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Published : May-2020
No. of Pages : 18

Retail Banking in Sweden: Coronavirus (COVID-19) Sector Impact

Summary

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.

Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessionary environments.

The Swedish government estimates that the country’s GDP will decline by at least 4% in 2020, while unemployment will rise to 9%. A slowdown in economic activities and the falling employment rate will lead the country’s economy into a recession, which will impact the baning industry.

This report focuses on the impact of the coronavirus outbreak on the economy and the retail banking industry in Sweden. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat coronavirus.

Scope

– The Swedish government has announced various measures to counter the Coronavirus outbreak. However, the uncertain economic outlook will weigh on near-term bank performance. And if the subsequent economic recovery is weak, it will likely be reflected in depressed profitability and weak asset quality, especially for those with weaker risk buffers heading into this crisis.
– That said, the relatively large fiscal packages offered by the Swedish government to mitigate the effects of Coronavirus (amounting to up to 14.9% of 2019 GDP) – along with the lack of a lockdown – should ensure that the banking sector is relatively insulated from some of the damage experienced in other countries.

Reasons to Buy

– Make strategic decisions using top-level revised forecast data on the Swedish retail lending and deposit industry.
– Understand the key market trends, challenges, and opportunities in the Swedish retail lending and deposit industry.
– Receive a comprehensive insight into the total consumer loans in Sweden, including mortgages, personal and credit card loans as well as retail deposits balances.

Filed in: Banking & Finance
Publisher : GlobalData
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