2020 Top 500 ranking: 9
Our Global Views team attempts to answer some of the questions often asked by our clients.
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The share of national income that is distributed to labour vs. capital has fallen to historically low levels in several advanced economies, such as the United States and the United Kingdom. We believe the Covid-19 crisis, along with other factors, will trigger a rebalancing in favour of labour over the next two decades. A reversion to the long-term average ratio of labour and capital in the share of income would probably enhance social and political stability, and would better fit with a consumer-driven growth model.
The ECB’s balance sheet is now equivalent to 56% of euro area GDP compared to 39% at the start of the year.
US ESG (Environmental, Social and Governance) investors are increasingly likely to benefit as the country’s companies close the gap with best-in-class global companies on ESG disclosure and performance. The trend towards ESG in the United States is being driven by asset owners demanding ESG integration into corporate business strategies, investors using it as a source of alpha1, and regulators looking to formalize ESG into its rules and protocols.
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