Virtual event: Outlooks for the UK economy in the wake of COVID-19

By Modulr on 25 June 2020   •   2 mins read

What does the future hold for the UK and EU economy? Get exclusive insights from the experts in our latest Modulr Club: Digital event, now available to stream on demand.

The discussion focused on the impact of COVID-19, what the road to recovery will look like, and how consumer behaviours may have changed permanently.

Watch now on demand.

Tom Mullally, Head of Product Management at Modulr, was joined by:

  • Adolfo Laurenti, European Principal Economist, Visa
  • Andrew Duncan, CEO, Soar
  • Myles Stephenson, CEO, Modulr

How long will economic recovery take in the wake of COVID-19?

We asked audience participants how soon they anticipate their industry bouncing back. The majority (78%) believed it would take six months to a year to for their industry and consumer behaviour to stabilise. But experts on the panel were more cautious.

“I’m afraid I have to pour some cold water on this sense of optimism!” said Adolfo Laurenti, European Principal Economist at Visa. “We have some great challenges ahead. The pandemic has hit hard and will have lasting consequences.

“Early on, we were hoping for a V-shaped recovery – but now it looks likely to be a U-shaped recovery. The latest projections suggest that the UK won’t see payment volumes return to previous highs until the mid or late 2021. In countries like Spain and Italy, full economic recovery might take two to three years. It’s going to be a long transition and we need to be realistic.”

“Not surprisingly, the travel and transportation industry has been hit hard – although we’re now starting to see the green shoots of recovery,” said Myles Stephenson, CEO at Modulr.

Watch the full webinar on demand to learn:

  • Which changes in consumer spending behaviour are here to stay.
  • The outlook for hard-hit sectors like lending, travel and hospitality.
  • How digital infrastructure can play a critical role in business resilience.

Our special thanks to Adolfo Laurenti at Visa, Andrew Duncan at Soar and Myles Stephenson for their insights.

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