Retail Banking in Belgium - COVID-19 Impact Snapshot
Summary The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with most countries across the world registering declines in their economic growth for the year to date. Many economists and institutions have cut their forecasts and many experts predict the onset of recessionary environments.
A similar trend is expected in Belgium, as economic growth in the country dipped in the first quarter of 2020.The decline had an adverse impact on all sectors, including banking.
Belgium - which was among the worst-affected European countries - is now on the path to recovery, with few active cases being reported and businesses gradually recommencing operations.
This report focuses on the impact of the Coronavirus outbreak on the economy and the retail banking industry in Belgium.Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates.
It also offers information on measures taken by the government to combat Coronavirus.
Scope - Like most countries across the world, Belgium is observing a steep decline in GDP as COVID-19 is having a major impact on the local economy. As per the National Bank of Belgium, the country reported a GDP decline of 3.6% in Q1 2020.
- The pandemic has also led to large-scale unemployment in Belgium. According to the National Employment Office, nearly 98,000 workers in Brussels - representing 30.1% of the region’s wage earners - had applied for temporary unemployment as of April 26. The growing number of individuals becoming unemployed will result in declining consumer disposable income, which in turn will push consumer spending down.
- This will directly affect the country’s retail banking market, weighing on banks’ profitability and capitalization. However, support measures implemented by the government, regulators, and banks should alleviate some of the asset quality pressure that will emerge from this downturn.
Reasons to Buy - Make strategic decisions using top-level revised forecast data on the Belgian retail lending and deposit industry.
- Understand the key market trends, challenges, and opportunities in the Belgian retail lending and deposit industry.
- Receive a comprehensive insight into the total consumer loans in Belgium, including mortgages, personal and credit card loans as well as retail deposits balances.
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