Tomorrow – A podcast by Allianz Research

Time for a new episode of Tomorrow! Today we’re unpacking the results the Allianz Pulse. For the seventh edition, we surveyed 6,000 people across six of Europe’s largest economies: Germany, France, Italy, Spain, Poland, and Austria, taking the pulse on future prospects, policymaking, the rise of AI and more. Find out what they told us, with Allianz Research's AI Assistant Aria. Read the full report here: https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/250625-allianz-pulse.html This content was generated by AI with the oversight of Allianz Research.

The global economy has got that summertime, summertime sadness. Global GDP growth could hit the slowest pace since 2008 this year, outside of recession periods, according to our mid-year economic outlook for 2025-26. The US is expected to grow by +1.6%, helped by lower effective tariffs, while the Eurozone should see growth at +1.2%. The picture for emerging markets is more mixed, with some benefiting from FX appreciation and increased investment flows and others feeling the pinch of higher tariffs. To hit the right note, we’ve selected five summery songs to sum it up. Find out what they are in this episode with our AI Assistant, Aria. Read the full report here: https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/250703-global-economic-outlook.html This content was generated by AI with the oversight of Allianz Research.

Time for a new episode of Tomorrow! Today, we’re diving into a crucial – but often overlooked – indicator of business health: Working Capital Requirements. WCR is the financial canary in the coal mine, revealing how efficiently companies are managing cash flows, inventories, and payment terms in an uncertain economy. So it's pretty worrying that global WCR reached the highest level since 2008 in 2024. In this episode, Allianz Research's AI Assistant Aria explains what's driving the rise, and why some regions are feeling the pinch more than others. Read the full report here: https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/250618-global-wcr.html This content was generated by AI with the oversight of Allianz Research.

Time for a new episode of Tomorrow! Today we're talking about the paradigm shift in defense that's taking place in Europe, where member states are actively working to increase defense spending after decades of under-investment. But the region needs to get funding, strategy and implementation right. In this episode, Allianz Research's AI Assistant Aria explains the five things to consider as Europe forges its defense shield. Read the full report here: Captain Europe: Five ways to forge the region’s defense shield https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/250602-defense-report.html This content was generated by AI with the oversight of Allianz Research.

Time for a new episode of Tomorrow! Today we’re diving into the results of the Allianz Trade Global Survey 2025, which asked 4,500 companies in China, France, Germany, Italy, Poland, Singapore, Spain, the UK and the US about their outlook for global trade - before and after the US announced significant tariff hikes on "Liberation Day". Find out how exporters plan to cope - from raising prices to diversifying supply chains - with Allianz Research's AI Assistant Aria. Read the full report here: Allianz Trade Global Survey 2025: Trade war, trade deals and their impacts on companies https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/250520-global-trade-survey.html This content was generated by AI with the oversight of Allianz Research.

Time for a new episode of Tomorrow! Today we’re talking about why adapting to climate change is just as important as mitigating carbon emissions, with Allianz Research's AI Assistant Aria. Read the full report here: Rethinking climate adaptation for global resilience - https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/250415-climate-adaptation.html This content was generated by AI with the oversight of Allianz Research.

Time for a new episode of Tomorrow! Today we're talking about business insolvencies. In 2024, they shot up by 10% and we expect back-to-back increases in 2025 and 2026. Tune in to find out what factors are at play, with Allianz Research's AI Assistant Aria. Read the full report here: Riders on the storm: Managing uncertainty - updated outlook - https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/250410-global-economic-outlook.html This content was generated by AI with the oversight of Allianz Research.

Today we're talking about global pension systems. By 2050, the number of people aged 65 and older is set to almost double to a staggering 1,578 million. Are public pension systems prepared to handle this demographic shift? Allianz Research's AI Assistant explains the results of the Allianz Global Pension Report. Read the full report here: https://www.allianz.com/en/economic_research/insights/publications/specials_fmo/250130-Allianz-global-pension-report.html This content was generated by AI with the oversight of Allianz Research.

The Tomorrow podcast is back! But we're experimenting with a new host this year - meet our AI assistant Aria, she'll be bringing you a snackable summary of our reports. Today we're talking about Germany. Over the past 25 years, megatrends such as demographics, climate change, and artificial intelligence advancements have reshaped global economies. Poised at the crossroads of these transformations, Germany faces challenges distinct from its earlier struggles as the “sick man of Europe”, raising doubts about its economic model. In this episode, Aria explains the 10 steps Germany needs to take to build a bold, future-oriented economic model. This content was generated by AI with the oversight of Allianz Research

Weight-loss drugs have become a golden formula for pharma growth. In this episode we speak to Sector Advisor Maria Latorre and Senior Economist Michaela Grimm about how GLP-1 treatments like Ozempic and Wegovy are reshaping the industry, and the risks that lie ahead. SHOWNOTES: • Read the full report "The weight is over: How GLP-1 treatments are reshaping pharma and beyond": https://t1p.de/cmjmm. • You can also subscribe to our newsletter to stay up to date with all our latest publications: https://ludovicsubran.substack.com/.

The pricing power party is over for retailers. While retail sales are still strong in the US and recovering in Europe, retailers are struggling to preserve profitability. In this episode, we find out why with Head of Corporate Research Ano Kuhanathan. SHOWNOTES: • Read the full report "From Cyber Monday to Black Friday: how the retail sector is navigating year-round challenges". • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research.

What could a second Trump term mean for global trade? In this episode, we speak to Head of Corporate Research Ano Kuhanathan and Senior Economist Françoise Huang about how a renewed trade war could affect global supply chains and pave the way for new trade champions. SHOWNOTES: • Read the full report "The geoeconomic playbook of global trade": https://t1p.de/1mnrl. • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/.

Physical climate risks are driving up disaster-related costs, which will ultimately translate into increased economic volatility, higher average inflation and lower real growth. What will this mean for investors? We find out in this episode with Lead Investment Strategist Jordi Basco Carrera and Senior Investment Strategist Bjoern Griesbach. SHOWNOTES: • Read the full report "Long-run capital market returns in times of climate change": https://t1p.de/fw6nt. • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/.

Despite monetary tightening, the global financial assets of private households recorded strong growth in 2023. But there is an Atlantic divide, and a generation gap. We find out more in this episode with Arne Holzhausen, Head of Wealth, Insurance and ESG Research, and Economist Kathrin Stoffel. SHOWNOTES: • Read the full report "Allianz Global Wealth Report 2024: Surprising relief": https://t1p.de/rzn6t. • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/.

With the workforce population set to decline and workers getting older, how can we make companies demography-proof? We find out in this episode with Arne Holzhausen, Head of Insurance, Wealth and ESG Research, and Senior Economist Michaela Grimm. SHOWNOTES: • Read the full report "Fostering age inclusion at work to make companies demography-proof": https://t1p.de/v6cku • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

Transformative years lie ahead for the global insurance industry. In 2023, it grew by an estimated +7.5% in 2023, the fastest pace since 2006. But the world is changing rapidly and risks are rising. In this context, the limits of insurability are increasingly coming into focus. In this episode, we speak to Arne Holzhausen, Head of Insurance, Wealth and Trends Research, and Senior Economist Patricia Pelayo Romero, about the Allianz Global Insurance Report 2024. SHOWNOTES: • Read the full report "Allianz Global Insurance Report 2024 - Transformative years ahead for the insurance sector": https://t1p.de/q0ny0 • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

Between 06 and 09 June, more than 400 million European citizens across the 27 EU member states voted to elect the 720 members of the European Parliament. In this episode, we speak with Ana Boata, Head of Economic Research at Allianz Trade, and Senior Economist Jasmin Groeschl, about what is at stake, and what to expect during the next mandate. SHOWNOTES: • Read the full report "What to expect from the European elections": https://t1p.de/rvju0 • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

For the third edition of the Allianz Trade Global Survey, we asked over 3,000 companies in China, France, Germany, Italy, Poland, Spain, the UK and the US about their outlook for global trade in the year ahead. We found that exporters are more optimistic in 2024 but also more worried about geopolitical risks, shortages of inputs & labor and financing & non-payment risks. In this episode, we find out more about the results from Senior Economist Françoise Huang and Head of Corporate Research Ano Kuhanathan. SHOWNOTES: • Read the full report "Allianz Trade Global Survey 2024: Protectionism Mithridatism": https://t1p.de/grxff • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

Corporate financing constraints hit a record high in 2023, mainly driven by the largest jump in payment terms since 2008. In this episode, we speak to Ana Boata, Head of Economic Research at Allianz Trade, and Maxime Lemerle, Lead Analyst for Insolvency Research to find out why it is taking companies longer to get paid. SHOWNOTES: • Read the full report "The cost of pay me later": https://t1p.de/ea9kq • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

The global auto industry is going through a significant transformation towards electric vehicles but the path ahead will be turbulent, shaped by geopolitical tensions, slowing demand and regulatory uncertainties. In this episode, we speak to sector advisors Yao Lu and Maria Latorre to find out why Chinese carmakers are racing ahead, while European ones are lagging behind. SHOWNOTES: • Read the full report "Global auto outlook: Steering through turbulence": https://t1p.de/o9c4s • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

Whoever wins the US elections in November will have to contend with a changing economy. In this episode, we speak to Senior Economist Maxime Darmet and Lead Investment Strategist Jordi Basco Carrera about what a potential second Trump presidency could mean for growth, inflation, and capital markets, as well as trade, fiscal and industrial policies. SHOWNOTES: • Read the full report "Trumponomics - the sequel": https://t1p.de/vcfwh • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

After the high-speed and broad-based rebound in 2023, what's the outlook for business insolvencies in 2024? In this episode, we find out from Ano Kuhanathan, Head of Corporate Research, and Maxime Lemerle, Lead Analyst for Insolvency Research. SHOWNOTES: • Read the full report "Global Insolvency Outlook: Reality check": https://t1p.de/gzxnd • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

As China's parliamentary meetings come to an end, what's the outlook for the economy in 2024 and beyond? In this episode, we speak to Senior Economist Francoise Huang about whether the ‘New Three’ industries of electric vehicles, batteries and solar energy products could become China's new drivers of growth. SHOWNOTES: • Read the full report "China: keeping the Dragon awake": https://t1p.de/bpmq2 • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

In the 25 years since the foundation of the Euro, the economic gap between the US and Eurozone has almost tripled. What explains this widening gap and how can Europe regain its competitive edge? We find out in this episode with Senior Economists Bjorn Griesbach and Jasmin Groeschl from Allianz Research. SHOWNOTES: • Read the full report "Europe needs to step up its game: Lessons from the American playbook": https://t1p.de/51vwi • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

The trade-offs between affordability and insurability are becoming more difficult to solve? But are we heading towards an uninsurable future? In this episode, we find out from Arne Holzhausen, Jasmin Groeschl and Markus Zimmer from Allianz Research. SHOWNOTES: • Read the full report "Climate change trade-offs: what does it take to keep our world insurable?": https://t1p.de/rw23r • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://ludovicsubran.substack.com/

The global construction sector is feeling the pressure from high interest rates. In this episode with Ano Kuhanathan, Head of Corporate Research, we learn about the outlook ahead. Read the full report: Global construction outlook: Liquidity cracks. You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research. Global construction outlook: Liquidity cracks: https://www.allianz.com/en/economic_research/publications/specials_fmo/2023_11_16-Construction-outlook.html

The ongoing cost-of-living crisis has exacerbated social risk globally, and further widened the gap between advanced economies and emerging markets. In this episode, we speak to senior economist Manfred Stamer to learn more about the results of the latest Social Resilience Index. Read the full report: A bolt from the blue? Amplified social risk ahead. You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research. A bolt from the blue? Amplified social risk ahead: https://www.allianz.com/en/economic_research/publications/specials_fmo/2023_10_26-Social-Resilience.html

Promoting trade in environmental goods and low-carbon technologies can be a powerful tool to combat the climate crisis. But there can be no green trade without green shipping. In this episode, we speak to Senior Economist Jasmin Groshl and Sector Advisor Maria Latorre about how to greening global trade, one container at a time. Read the full report: Green global trade, one container at a time. You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research. Ludonomics newsletter: https://ludovicsubran.substack.com/

Advantages are running out and penalties looming for companies. In this episode, we speak to Maxime Lemerle, Lead Insolvency Analyst, about our latest Global Insolvency Outlook. Read the full report: Global Insolvency Outlook 2023-25: From maul to ruck? You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research. Global Insolvency Outlook 2023-25: From maul to ruck?: https://www.allianz.com/en/economic_research/publications/specials_fmo/2023_10_18-Global-Insolvency-Report.html Ludonomics newsletter: https://ludovicsubran.substack.com/

With a recession mostly avoided and inflation mostly circumscribed, what lies ahead for the global economy? In this episode with Ana Boata, Head of Economic Research, and Jordi Basco Carrera, Lead Investment Strategist, we find out more from the latest global economic outlook for 2023 to 2025. Read the full report: Global economic outlook 2023-25: The last hike? You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research. Global Economic Outlook 2023-2025: https://www.allianz.com/en/economic_research/publications/specials_fmo/2023_10_04-Global-Economic-Outlook.html Ludonomics newsletter: https://ludovicsubran.substack.com/

2022 was an annus horribilis for savers as asset prices fell across the board in the "everything slump" scenario. In this episode with Arne Holzhausen, Head of Wealth, Insurance and Trend Research, we find out more from the results of the latest Allianz Wealth Report. Read the full report here: Allianz Global Wealth Report 2023: The next chapter.You can also [subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research. Allianz Global Wealth Report 2023: The next chapter: https://www.allianz.com/en/economic_research/publications/allianz-global-wealth-report-2023.html

The future will be powered by metals but fenced in with iron curtains. In the first episode of our new season, we look the importance of critical raw materials for the green transition, and what the creation of an Organization of Metal-Exporting Countries (i.e. an “OMEC”) could mean for the global economy. We are joined by Senior Economist Jasmin Groeschl and Ano Kuhanathan, Head of Corporate Research. Read the full report here: Critical raw materials – Is Europe ready to go back to the future? You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research. follow the newsletter here: https://ludovicsubran.substack.com/ Here is the article on the subject: https://www.allianz.com/en/economic_research/publications/specials_fmo/critical-raw-materials.html

Is the ECB's "climate talk" having an effect on ESG bonds? In the last episode of this season, we speak to Andreas Jobst, Head of Macroeconomic and Capital Markets Research, and Senior Economist Roberta Fortes about their recent report on green monetary policy. Read the report: Toasted, roasted and grilled? Walking the talk on green monetary policy. To stay up to date with all our research, subscribe to the Ludonomics newsletter on Substack. Toasted, roasted and grilled? Walking the talk on green monetary policy: https://www.allianz.com/en/economic_research/publications/specials_fmo/2023_06_27_Green-monetary-policy.html

How can we invest to reduce biodiversity loss? In this episode with Arne Holzhausen, Head of Wealth, Insurance and Trend Research, and Markus Zimmer, Senior Economist for ESG, we learn about how they calculate the cost of biodiversity loss and compare the measures to abate it in Europe. Read the reports: The new risk frontier in finance: biodiversity loss and Biodiversity loss part II: portfolio impacts and a quantitative case study on pollination abatement measures. To stay up to date with all our research, subscribe to the Ludonomics newsletter on Substack. Biodiversity loss part II: portfolio impacts and abatement measures: https://www.allianz.com/en/economic_research/publications/specials_fmo/biodiversity-loss.html

For the 2023 edition of the Allianz Trade Global Survey, we decided to check the pulse of nearly 3,000 exporters in seven countries: the US, the UK, Germany, France, Italy, Spain and Poland. We dive into the results in this episode with Ana Boata, Head of Economic Research at Allianz Trade, and Ano Kuhanathan, Head of Corporate Research. Read the full report: Allianz Trade Global Survey 2023: Testing resilience. To stay up to date with all our research, you can also subscribe to the Ludonomics newsletter on Substack. Allianz Trade Global Survey 2023: https://www.allianz.com/en/economic_research/publications/specials_fmo/global-trade-survey.html

Despite higher inflation – or perhaps precisely because of it – global insurance premiums are set to increase by 5.2% over the next decade, according to the latest Allianz Global Insurance Report. In this episode, we speak to Arne Holzhausen, Head of Insurance, Wealth and Trends Research, and Kathrin Stoffel, Expert in Wealth Markets, about the outlook for the insurance industry in a turbulent time of high inflation and low growth. Read the full report: Allianz Global Insurance Report 2023: Anchor in turbulent times. To stay up to date with all our research, you can also subscribe to the Ludonomics newsletter on Substack.

How have European labor markets fared in the wake of the Covid-19 pandemic? In this episode with Senior Economist Maddalena Martini and Economist Patricia Pelayo Romero, we look at the impact on employment, wages and productivity, and what that means for policymakers. Read the full report: No quick wins: more jobs but little productivity in the Eurozone. To stay up to date with all our research, you can also subscribe to the Ludonomics newsletter on Substack.

The Allianz Global Pension report analyzes pension systems in 75 countries to identify which ones are best prepared for demographic change. In this episode with Arne Holzhausen, Head of Insurance, Wealth and Trend Research, and Senior Economist Michaela Grimm, we find out more about the results, and what they mean for policymakers. Read the full report: Reforming against demographic change. To stay up to date with all our research, you can also subscribe to the Ludonomics newsletter on Substack.

The rebound in business insolvencies is picking up speed. In this episode, we speak to Maxime Lemerle, Lead Insolvency Analyst at Allianz Trade, to understand the outlook for business insolvencies in 2023-2024. Read the full report: Insolvency report: No rest for the leveraged. To stay up to date with all our research, you can also subscribe to the Ludonomics newsletter on Substack.

Households in the US and Europe built up a sizable amount of excess savings during the pandemic. But this cash cushion is losing its fluff. In this episode, we speak to Maxime Darmet, Senior Economist at Allianz Trade, and Patricia Pelayo Romero, Economist at Allianz, to find out what dwindling savings and the wealth effect mean for economic growth. Read the reports: • "Falling off a savings cliff?": https://t1p.de/lu31f • "Consumption: What's (wealth) got to do with it?": https://t1p.de/n9hdh To stay up to date with all our research, you can also subscribe to the Ludonomics newsletter on Substack: https://t1p.de/frcuq

Over the last decades, and especially since the global financial crisis, structural factors have held down inflation. But now that trend is reversing. In this episode, we learn about the "five Ds" of structurally higher inflation - demographics, decarbonization, deglobalization, digitalization and debt - with Andreas Jobst, Head of Macroeconomic and Capital Markets Research at Allianz, and Ano Kuhanathan, Head of Corporate Research at Allianz Trade. • Read the full report "The 'five Ds' of structurally higher inflation": https://t1p.de/bnug2 • You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://t1p.de/frcuq

It has now been a year since Russia attacked Ukraine, sending shockwaves throughout the global economy. In this episode, Allianz Chief Economist Ludovic Subran and Eric Barthalon, Head of Capital Markets Research, explain how war economics is playing out in Russia and Ukraine, and its consequences for the rest of the world. Read the full reports: • "The economics of war, (and its aftermath): https://t1p.de/2a960 • "Do we need more inflation to get more corporate investment?": https://t1p.de/p41fw You can also subscribe to the Ludonomics newsletter on Substack to stay up to date with all our latest research: https://t1p.de/p41fw

Given the rapid rise in debt ratios during the pandemic and the current energy crisis, it's clear that the EU fiscal framework is in need of reform. In this episode, we dive into what the European Commission has proposed change about its fiscal rules, and what that could mean for public debt, with Andreas Jobst, Head of Macroeconomic and Capital Markets Research, and Maddalena Martini, Economist for Italy and Greece. • Read the full report "EU fiscal rules: Quo vadis?": https://t1p.de/lac7t To stay up to date with all our latest research, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/p41fw

Rising interest rates have created very volatile markets in 2022. What happens next for equities and corporate bonds? We find out in this episode with Andreas Jobst, Head of Macroeconomic and Capital Markets Research, and Jordi Basco Carrera, Lead Investment Strategist. Read more from our reports: • "Fixed income is back": https://t1p.de/c861h • "Market Volatility and Corporate Bonds - Collateral Damage": https://t1p.de/crtpw To stay up to date with all our latest research, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

The US housing market is adjusting to the new reality of higher-for-longer interest rates. In this episode, we speak to Senior Economist Maxime Darmet to find out more about what's happening in housing and mortgage markets, and what it means for the US economy. SHOWNOTES: • Read the full report: "US housing market: The first victim of the Fed": https://t1p.de/yxz6k • You can also subscribe to the Ludonomics newsletter on LinkedIn to stay up to date with all our latest research: https://t1p.de/1ake

Rising interest rates are a big shock for companies, but some sectors are more exposed than others. In this episode, we speak with Ana Boata, Head of Economic Research at Allianz Trade, and Ano Kuhanathan, Head of Corporate Research, to find out what the end of zeronomics means for companies. SHOWNOTES: • Read the full report: "Double trouble? Inflation means less cash and more debt for companies": https://t1p.de/3l7gv • You can also subscribe to the Ludonomics newsletter on LinkedIn to stay up to date with all our latest research: https://t1p.de/1ake

According to the latest Allianz Global Wealth Report, 2021 might have been the last year of the old "new normal", with bullish stock markets powered by monetary policy bringing handsome benefits to household wealth. In this episode, we speak with Arne Holzhausen, Head of Insurance Wealth and Trend Research, and Patricia Pelayo Romero, Economist covering Insurance and ESG, to find out what the end of zeronomics means for households. SHOWNOTES: • Read the Allianz Global Wealth Report 2022 here: https://t1p.de/47cfy • You can also subscribe to the Ludonomics newsletter on LinkedIn to stay up to date with all our latest research: https://t1p.de/1ake

This month, both the US Federal Reserve and the European Central Bank raised interest rates by 75 basis points, the latest in a series of moves to combat surging inflation. This has brought an end to a long era of interest rates being at nearly zero, or even negative, in advanced economies. In the first episode of this special new season of Tomorrow, Allianz Chief Economist Ludovic Subran tells us more about the end of 'zeronomics' and what is at stake for the global economy. SHOWNOTES: • Find out more about inflation, and what central banks will do next, in our latest global economic outlook: "Lights out! Energy crisis, policy mistakes and uncertainty": https://t1p.de/k0p2m • You can also subscribe to the Ludonomics newsletter on LinkedIn to stay up to date with all our latest research: https://t1p.de/1ake

Global food prices have surged by 56% as the war in Ukraine disrupts supplies of wheat, corn and sunflower oil. This could put millions of people at risk of food insecurity, amplifying the risk of social unrest in several emerging markets. We find out more in this episode with Patricia Pelayo Romero, Expert in insurance and Senior Sector Advisor Aurélien Duthoit. SHOWNOTES: • Read the full reports: "European food inflation - and the loser is the consumer": https://t1p.de/4yp35 and "Eleven countries at high risk of a food crisis": https://t1p.de/jfj9y • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

With the war in Ukraine and lockdowns in China extending supply-chain disruptions and pushing up input costs, the balance of risks has significantly deteriorated for companies. In this episode we find out what this global context will mean for global business insolvencies with Ana Boata, Head of Economic Research at Allianz Trade, and Maxime Lemerle, Lead Analyst for Insolvency Research. SHOWNOTES: • Read the full report "Global Insolvency Report: Growing risks and uneven state support": https://t1p.de/2trb9 • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

2022 was expected to be another bumper year for the insurance industry, but the invasion of Ukraine has dashed those hopes. According to the Allianz Global Insurance Report 2022, premium income is likely to grow by roughly 1pp slower than originally assumed as the war takes its toll on economic activity and confidence, even as inflation supports the top line. Looking beyond 2022, the war will have far-reaching consequences on the global risk landscape. To find out more, we speak to Arne Holzhausen, Head of Insurance, Wealth and Trend Research, and Patricia Pelayo Romero, Expert in Insurance and ESG. SHOWNOTES: • Read the full report "Allianz Global Insurance Report 2022: A decisive decade": https://t1p.de/86ajz • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

In our Allianz Trade Global Survey 2022, we decided to check the pulse of exporters in the US, China, the UK, France, Italy and Germany. Two surveys were carried out – one before the start of the invasion of Ukraine and one after, involving nearly 3,000 corporates. In this episode, we dive into the results with Ano Kuhanathan, Head of Corporate Research, and Françoise Huang, Senior Economist for APAC and Trade, at Allianz Trade. SHOWNOTES: • Read the full report "Allianz Trade Global Survey 2022": https://t1p.de/prnu • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

The US economy is less directly exposed to the economic consequences of the invasion of Ukraine compared to Europe. But surging energy prices are driving inflation even higher, which could accelerate the reversal of the "great resignation" in the job market. In this episode, we find out how with Patricia Pelayo Romero, Insurance and ESG Expert at Allianz SE. SHOWNOTES: • Read the full report "The (energy) price of war: when inflation bites US savings": https://t1p.de/pndv • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

With energy prices surging in Europe, households and companies are feeling the pinch. In this episode, we speak with Ana Boata, Head of Economic Research at Allianz Trade, and Ano Kuhanathan, Head of Corporate Research, to find out how long higher energy prices could last, and which countries and sectors could be hit the hardest. SHOWNOTES: • Read the full report "The (energy) price of war for European households": https://t1p.de/kqsaw • Read the full report "Russian dolls: unwrapping corporate (commodity) dependencies": https://t1p.de/gp4n6 • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

The invasion of Ukraine has sent energy prices surging, which means inflation is likely to remain higher and stickier in 2022. What does this mean for central banks and monetary policy in the US and Eurozone? We find out in this episode with Patrick Krizan and Katharina Utermohl, Senior Economists at Allianz. SHOWNOTES: • Read the full report "Economic Outlook - Energy, trade and financial shockwaves": https://t1p.de/qglhn • Read the full report "Capital Markets - Not so hawkish after all: is the ECB past the peak or just on pause?": https://t1p.de/8sin7 • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

The invasion of Ukraine has sparked drastic sanctions against Russia. What will this mean for its economy, and for the rest of the world? We find out in this episode with Ana Boata, Head of Economic Research at Euler Hermes, and Andy Jobst, Head of Macroeconomic and Capital Markets Research at Allianz. SHOWNOTES: • Read the full report "Russia-Ukraine crisis: Conflict escalation": https://t1p.de/opw7e • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

Record-high inflation is turning up the heat on central banks, but could a wage-price spiral make things worse? In this episode, we find out which countries and sectors are most at risk with Senior Economist Selin Ozyurt and Sector Advisor Ano Kuhanathan. SHOWNOTES: • Read the full report "Frying pan to fire: Will inflation spark a wage-price spiral in 2022?": https://t1p.de/0uc5 • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

We're back for Season 3! In this episode, we look at the outlook for the global economy in 2022-2023, talk about how supply-chain disruptions and inflation will play out, and what could possibly go wrong, with Ana Boata, Head of Economic Research at Euler Hermes, and Andy Jobst, Head of Macroeconomic and Capital Markets Research at Allianz. SHOWNOTES: • Read the full report "economic outlook - don't look up!": https://t1p.de/3q6ok • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

At their December policy meetings, the US Federal Reserve and the ECB will be tested on their monetary policy stance amid higher omicron-related uncertainty. In this episode, we speak to Andy Jobst, Head of Macroeconomic and Capital Markets Research, to find out what to expect. SHOWNOTES: • Read the full report "Monetary policy: Omicron management & beyond": https://t1p.de/rxr9 • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

Despite the global economic recovery, watch out for increased debt distress in Emerging Markets, and especially in low-income developing countries, which will need a minimum of USD450bn to step up their spending response to Covid-19. In this episode, Senior Economist Selin Ozyurt explains which countries are most at risk, and why current debt-relief initiatives will only kick the can down the road. SHOWNOTES: • Read the full report "Emerging Markets debt relief: Kicking the can down the road": https://t1p.de/l59i4 • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

COP26 has been the center of attention this month, but is the EU on track to meet its climate goals? In this episode, our Senior ESG Expert Markus Zimmer explains why the road to net-zero appears rocky, paved with high costs and high uncertainty, with a focus on the EU's transport and utility sectors. SHOWNOTES: Read the full reports • "Transport in a zero carbon EU: Pathways and opportunities": https://t1p.de/nl9z • "The EU utility transition: A pathway powered by solar and wind": https://t1p.de/gobyy • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

In 2020, monetary and fiscal policy mobilized unimagined sums to stabilize incomes. At the same time, as lockdowns drastically reduced consumption opportunities, the global phenomenon of "forced savings" was born. In this context, global household wealth reached the magic EUR200trillion mark for the very first time. In this episode, we find out more from the Allianz Global Wealth Report 2021 with Arne Holzhausen, Head of Insurance, Wealth and Trend Research at Allianz Research. SHOWNOTES: • Read the full report "Allianz Global Wealth Report 2021: Saving from home": https://t1p.de/im4c • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

The withdrawal of state support measures for companies sets the stage for a gradual normalization of business insolvencies, but some countries could see a resurgence faster than others. In this episode, we find out what will shape the path ahead for business insolvencies with Maxime Lemerle, Head of Sector and Insolvency Research at Allianz Research. SHOWNOTES: • Read the full report "Global Insolvencies: We'll be back": https://t1p.de/tbht • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

"Business as usual” won't be enough: Germany urgently needs an update to master the upcoming digital, green and demographic transitions. In this episode, Senior Economist Katharina Utermöhl explains in detail what's at stake, and why the the three-party coalition likely after last month's elections could result in more policy evolution than revolution. SHOWNOTES: • Read the full report "How to future-proof the German Wirtschaftswunder": https://t1p.de/phix • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

With the spread of the Delta variant, growth momentum softened over the summer and uncertainty remains high. What is the outlook for 2021 and 2022, and what other risks lie ahead? We find out in this episode with Ludovic Subran, Chief Economist of Allianz Research. SHOWNOTES: • Read the full report "Global economy: A cautious back-to-school": https://t1p.de/e8o6 • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

Since the start of the Covid-19 crisis, the cost of global trade has surged as lockdowns and other restrictions disrupted shipping and pushed up input prices. How long could these pressures last, and which countries and sectors could be hit the hardest? In this episode, Françoise Huang, Senior Economist for Asia-Pacific and Trade at Allianz Research, explains what to expect for global trade for the rest of 2021 and 2022. • Read more in our report: Global trade: Ship me if you can! To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn. SHOWNOTES: • Read the full report "Global Trade - ship me if you can!": https://t1p.de/dwjr • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

As Covid-19 restrictions ease, business investment in the Eurozone will rebound in the short run. But it could take up to four years to return to long-term growth trends. In this episode, Senior Economist Selin Ozyurt explains the outlook for the business investment recovery in the Eurozone. SHOWNOTES: • Read the full report "Investment is back: Harder, better, faster, stronger?": https://t1p.de/reec • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

For the EU, US and China, the economic recovery after Covid-19 offers an unprecedented opportunity to accelerate in the race to dominate energy transition industries. But as Markus Zimmer, Senior ESG expert explains in this episode, innovation will be the key factor deciding who actually wins. SHOWNOTES: • Read the full report "The hot race for green tech dominance to cool the global climate": https://t1p.de/5lul • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

In this era of Quantitative Easing, there’s a pervasive belief in capital markets that it’s the quantity of money put into the economy by central banks that matters the most. But what's overlooked is the velocity of money. In this episode, Head of Capital Markets Research Eric Barthalon explains what this concept is, and why it matters. SHOWNOTES: • Read the full report "The flaw in the liquidity paradigm: lessons from China": https://t1p.de/yvmi • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

In recent months, a global shortage of semiconductors has highlighted how dependent several industries have become on this single component, prompting both China and Europe to announce ambitious plans to achieve semiconductor autonomy. In this episode, Senior Sector Advisor Aurélien Duthoit explains why this may not be the most effective strategy. SHOWNOTES: • Read the full report "China: Riding the silicon ox": https://t1p.de/hf4z • Read the full report "Semiconductors realpolitik: A reality check for Europe": https://t1p.de/vpxl • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

Over a year into the Covid-19 pandemic, the global economy is finally seeing some light at the end of the tunnel, making it the right time to check the pulse in Germany, France and Italy. In this episode, we discover the results of the Allianz Pulse 2021 with Head of Wealth and Insurance Research Arne Holzhausen. SHOWNOTES: • Read the full report "Allianz Pulse 2021 - old beliefs die hard": https://t1p.de/4qyn • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

After several waves of infections, and repeated lockdowns, the rapid pace of vaccination in many advanced economies has set the stage for a grand reopening. But the recovery won't be even around the world. In this episode, Allianz Chief Economist Ludovic Subran explains the outlook for 2021 and beyond. SHOWNOTES: • Read the full report "Grand reopening: new opportunities, old risks": https://t1p.de/2ljb • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

With the US economy set for a a booming recovery after the Covid-19 crisis, there's a chance the Federal Reserve could start reining in its ultra-loose monetary policy sooner than expected. This would have serious consequences for Emerging Markets. In this episode, we find out which ones could be most at risk of a taper tantrum with Ludovic Subran, Chief Economist at Allianz. SHOWNOTES: • Read the full report "Taper Tantrum in 2021-22: Beware of the TUCKANS": https://t1p.de/x2yr • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

Covid-19 has sparked a fundamental change in global risk awareness. And that has consequences for the insurance industry, coming after a dismal decade of growth. What does the future hold for the industry, and how can it adapt to the new risk landscape? In this episode we speak to Arne Holzhausen, Head of Insurance and Wealth Research at Allianz. SHOWNOTES: • Read the full report "Allianz Global Insurance Report 2021: Bruised but not broken": https://t1p.de/lp0i • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

In the wake of the Covid-19 crisis, financial and risk literacy matters more than ever. But our survey of savers shows that the level of financial literacy is disastrously low. We speak to Patricia Pelayo Romero, expert in Insurance at Allianz Research, about what policymakers need to do to close the gap. SHOWNOTES: • Read the full report "Resilience in times of Corona": https://t1p.de/57ib • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake

Eurozone governments have provided billions of euros in support for companies in the wake of the Covid-19 crisis. This has resulted in cash reserves soaring in the Eurozone. In this episode we find out what they could be used for with Head of Macroeconomic Research Ana Boata. SHOWNOTES: • Read the full report "European corporates: (Active) cash is king": https://t1p.de/c32h • full report "Cash-rich sectors get richer": https://t1p.de/6ms6 • To stay up to date with our latest publications, subscribe to the Ludonomics newsletter on LinkedIn: https://t1p.de/1ake