In an economic analysis published by the BBVA Research, the team’s lead economists report that the economy continued to expand in the fourth quarter of 2020, though at a much slower pace. According to the analysis, this pace reflected both solid ongoing momentum and the negative consequences of lower fiscal support and rising COVID-19 cases.
The BBVA Research team has published its Economic Outlook for first quarter 2021, noting that a post-holiday surge in COVID-19 cases and a vaccine rollout that is falling short of expectations have confirmed the need for further stimulus.
According to the latest economic analysis from the BBVA Research team, November’s unemployment figures suggest that the labor market is losing momentum as the pandemic worsens and fiscal support wanes. Additionally, the ongoing increase in permanent unemployment reveals the damaging long-term effects of the pandemic. Both situations highlight the need for Congress to take action and adds pressure on the Fed to take more decisive action.
BBVA Research published its October auto sales chartbook, noting vehicle sales have experienced a v-shaped recovery, increasing 36 percent in the third quarter of 2020 from the previous quarter. However, sales are still 10 percent below levels observed in 3Q2019.
Onur Genç, BBVA CEO:
The BBVA Research team has published its Economic Outlook for fourth quarter 2020, anticipating that the pandemic and upcoming election could add noise to the short-term outlook even as medium-term prospects improve.
Organized by Garanti BBVA, the Ekonomist magazine and the Turkish Association of Women Entrepreneurs (KAGIDER), the event marks the start of the process to present candidacies for this new edition.