“There is light at the end of the tunnel! But now the bad news: it’s still a long tunnel”, wrote last weekend Erik Nielsen, UniCredit Group chief economist in his Sunday Wrap, warning us against any premature optimism.
“The mother of all recessions has arrived”, headlines the UniCredit Economic Chartbook, the Group's quarterly report presenting its updated macroeconomic forecasts, published on April 2, adding “it seems obvious that the second quarter will see the largest collapse of GDP in modern history, perhaps in the order of 20%”. For Italy, the estimated drop reaches 15%, the “worst drop in 60 years”.

Erik Nielsen, one of the most respected economists in the global, often quoted by the international financial media, will share UniCredit's point of view on the upheaval of the global economic and financial scenario, present and future, following the “Coronavirus tsunami”, the dynamics underway in the main economies , the possible way-outs.

Should fiscal expansion be still more aggressive? Why higher public debt is not a key concern? What’s the impact on business? Is there a trade-off between the health aspect and the economic aspect of all this?