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article imageEurope is set to drive the global economic recovery Special

By Tim Sandle     Sep 29, 2020 in Business
With some 300 days of the pandemic behind us, the 2021 economy is starting to look extremely different according and Bill Koefoed, CFO of OneStream Software. Of great interest is the European dimension, he tells Digital Journal.
Koefoed is a 30-year finance veteran (formerly of Microsoft and now OneStream). He has been considering the overall health of the economy in the years ahead, as different societies emerge from the pandemic. There are three essential things that the analyst expects to happen. The first is that the economic recovery in Europe will become the growth engine for the global economy.
He also thinks, as the second point, that the activities of firms will be more swayed by global events. Specifically, he foresees that businesses investments will be driven by the altering political and regulatory landscape. The third point made by Koefoed is that for firms to thrive, then developing a global supply chain strategy will be necessary for business survival.
With these three areas ty need to be considered as related and interactive, Koefoed says. He tells Digital Journal that "while the U.S. continues to rebuild its economy during the ongoing pandemic, investors will be keeping an eye on business across the globe." In particular. this means the European economy and the more hands on Keynesian economic approach.
As an example of businesses following politics, he notes that "the European Commission’s 750 billion euro stimulus agreement demonstrated a significant step toward economic recovery, and helped position Europe to be the next area for growth."
In terms of the outcome of this injection, he predicts: "The stimulus agreement, combined with the global focus on digital business transformation and combatting climate change, will continue to drive expansion in the energy and technology sectors."
With other sectors of the economy there will be some variations. On the plus side, Koefoed states: "Retail stores and restaurants in Europe will soon start to see an economic revival with capacity rates increasing and new safety measures being implemented."
However, on the other side, Koefoed is of the view that: "The global travel industry is not expected to rebound fully for several years, but this won’t hold Europe back from success in these other industries."
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