Macroeconomics

The geopolitical balance will be further shifted by the events in Afghanistan.

The impact of renewed flare-ups of the pandemic in many countries should not be underestimated. The situation in China, southern states of the US and also the new outbreaks in New Zealand and Australia are putting a new strain on the economic outlook, and above all on international logistics. The rising numbers in Europe, which are mainly due to travel activity during the holiday season, pale in comparison. The relatively high vaccination rate in Europe and the resulting lighter course of the disease mean that Europeans are now somewhat more relaxed about the situation. Nevertheless, there is much discussion about how things will develop in the autumn and what the extent of a fourth wave will be.

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