HOUSTON, March 30, 2020 /PRNewswire/ -- According to the
publication released from BBVA Research, When will the U.S. economy
recover from the infection?, the experience of countries that have
transitioned beyond the worst phase of the pandemic suggest that
the number of coronavirus cases in the U.S. could peak in the
spring or early summer.
The supply-side shock brought about by the pandemic is forcing
factories to close, resulting in cutbacks in the provision of
products and services, as well as lower labor force participation
and productivity. That being said, advances in technology have
increased firms' and employees' ability to operate remotely and
remain productive, while innovations in on-line delivery and direct
to consumer shipping supply chains (e.g. Amazon) could soften part
of the impact on the supply side for the consumer, according to the
BBVA Research team.
The paper's authors, BBVA chief economist Nathaniel Karp, along with senior economists
Boyd Nash-Stacey and Marcial Nava, also noted that monetary and
fiscal policy responses, while not well equipped to contain the
effects of supply-side shocks, can be effective at mitigating the
drop in demand and the stress in the financial sector.
Karp added that, from a behavioral perspective, COVID-19 could
have long-term implications, including increased reliance on
virtual technology for activities such as e-schooling and
telecommuting. Innovation and entrepreneurship could also expand in
such areas as food security, smart transportation, healthcare and
sustainability.
The report goes on to note potential impacts to government,
globalization, and the flow of goods and services. For more
details, read the full report here.
Learn more about BBVA Research here and BBVA USA here.
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About BBVA
BBVA Group
BBVA (NYSE: BBVA) is a customer-centric global financial services
group founded in 1857. The Group has a strong leadership position
in the Spanish market and is the largest financial institution in
Mexico. It has leading franchises
in South America and the Sunbelt
Region of the United States. It is
also the leading shareholder in Turkey's BBVA Garanti. BBVA's purpose is to
bring the age of opportunities to everyone, based on our customers'
real needs: provide the best solutions, helping them make the best
financial decisions, through an easy and convenient experience. The
institution rests in solid values: Customer comes first, we think
big and we are one team. BBVA's responsible banking model aspires
to achieve a more inclusive and sustainable society.
BBVA USA
In the U.S., BBVA is a Sunbelt-based financial institution that
operates 641 branches, including 329 in Texas, 89
in Alabama, 63 in Arizona, 61 in California, 45
in Florida, 37 in Colorado and 17 in New
Mexico. The bank ranks among the top 25 largest U.S. commercial
banks based on deposit market share and ranks among the largest
banks in Alabama (2nd), Texas (4th)
and Arizona (6th). In the U.S., BBVA has been recognized
as one of the leading small business lenders by the Small Business
Administration (SBA) and ranked 8th nationally in terms of dollar
volume of SBA loans originated in fiscal year 2018.
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SOURCE BBVA USA