Nordic Summit 2020: What will COVID-19 mean to the forthcoming US election?

Jakob Funk Kirkegaard, Senior Fellow at Peterson Institute for International Economics shares his view on COVID-19’s impact on the US society. Nordic Summit is a recurring annual event for Danske Bank’s corporate and institutional clients. 

Through Nordic Summit 2020 - this year transformed into a series of virtual sessions - Danske Bank sheds light on the current COVID-19 pandemic and its consequences for the global economy and the society as a whole.

The session is moderated by Jakob Ekholdt Christensen, Head of International Macro and Emerging Market Research, and Thomas Harr, Global Head of FI&C Research at Danske Bank. 


Watch a recap

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Key-takeaways from Funk Kierkegaard

  • There are real social and economic fallouts from the lockdown measures. A new survey shows that 40% of all households earning less than $40,000 in the United States (roughly a third of the total population) have now lost their main source of household income.

  • Another survey shows that approximately a quarter of American households felt that they had too little money to purchase the food that they would like to purchase.

  • We are dependent on the Congress to continue to appropriate the money to save those people. This is not as easy as it was earlier in the pandemic, as a number of Republican senators are against spending more money.

  • Regarding the possible re-election of Donald Trump, there has  - since his election - been a very significant increase in "unthusiasm" on the Democratic side - they truly and viscerally hate him. It is therefore a unlikely scenario that Trump will be re-elected, as the election in 2016 was also much more Hillary Clinton that lost rather than Donald Trump who won. 

 

Nordic Summit – what you need to know

Nordic Summit is a recurring annual event for Danske Bank’s corporate and institutional clients, where we share a Nordic perspective on the most critical topics and megatrends. The event includes a series of keynote speeches andpanel debates with leading international experts, politicians and industry leaders on these subjects. Due to the global COVID-19 pandemic, it was decided to transform this year’s event into a series of virtual sessions all focusing on COVID-19. We are making the insights from the day available for everyone on our website. 

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