EMEA Region 2021 Outlook:
Europe Looking at Two Years to Recover
Historians and oldtimers must have shivered as 2020 unfolded. Not since the devastation of two world wars has Europe suffered such all-encompassing disruption. Not one country was spared the coronavirus, the year was the hottest on record and the depletion of arctic sea ice continues to set records.
Not to be left out, humans contributed Brexit ……..
The disruption affected general living and the course of business is pretty much the same as on the rest of the globe. Social activity ground to a halt, the working day moved from cubicles to kitchens, tourists visiting Paris fell 95% and “the Christmas City”, the Finnish capital Helsinki, finally had to throw in the towel at year’s end.
The second wave of lockdowns devastated businesses across Europe and led the European Commission to downgrade its economic growth forecast for 2021 for the Eurozone from 6.1% down to 4.2%. It’s expected to be two years until the European economy comes close to its pre-pandemic level.
Cornerstone InternationaL group has member offices in 24 EMEA countries – we welcomed a new member in the UAE late in the year. As is our custom at the start of the year, members submit brief “Outlooks” of how they see the year developing in their region.
Despite the doom and gloom above, you’ll find many, if not most, are emboldened by the development of vaccines and a return of some normalcy. They look for recovery and growth.
A hardy breed, the executive search professional.