Sources: Refinitiv, Allianz Research
Figure 2: Use of state guaranteed loans & partial unemployment
Source: Allianz Research
Figure 3: Euler Hermes Sector Risk Rating for Germany vs. use of Kurzarbeit
Sources: Euler Hermes, ifo Institute, Allianz Research
Figure 4: Employment (as share of total) in “late-bloomer” sectors
Sources: Eurostat, Allianz Research
Figure 5: Zombie Employment
Sources: Eurostat, Allianz Research