Europe went into the covid-19 crisis with scars still unhealed, as northern countries, such as Germany, outperformed southern ones, such as Spain and Italy. The pandemic rubbed salt in the wounds. Between the final quarter of 2019 and the second quarter of 2020 household consumption in Spain and Italy fell by 30% and 20% respectively, compared with just 11% in Germany. Punishing lockdowns and a drought in tourist revenues have prolonged the pain.
Beyond the immediate bump associated with fewer restrictions at home, three factors will influence the evenness of the recovery. The first is the extent to which external constraints ease. Looser travel restrictions are important for Spain, where revenues from tourism made up 12% ofbefore the pandemic. The strength of Germany’s industrial boom, meanwhile, relies on bottlenecks along the supply chain being resolved.
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Does that correspond roughly to those economies reliance on tourism?
Croatia
horrible
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