“Changing the workplace to social distancing protocols, working from home in service industries and making changes in online consumption all help to optimize economies,” the report said.
“Recent disruptions in production and spending have been heavily concentrated in parts of the services sector that rely on face-to-face contact,” while production has increased in manufacturing and construction sectors.
The decline in economic activity in countries such as the United Kingdom and France has been “modest” in the fourth quarter of 2020, following the withdrawal of national stagnation, Fitch ratings forecast.
GDP figures are therefore increasing, the rating agency adds.
He said that both Germany and Spain reported a surprising increase in production in the fourth quarter.
Overall, European GDP fell 0.6% in the quarter, while the Fitch rating is projected to decline by 3.6%.
Similarly, in the United States, the tightening of restrictions on activity in the service sector resulted in only one month of job loss, the rating agency reported.
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