Moody's credit rating agency, revealed that consumers around the world saved $5.4 trillion due to the Corona pandemic.
According to the agency, the household sector worldwide collected the new surplus by the end of the first quarter of this year, with additional savings equivalent to more than 6 percent of global GDP.
The agency indicated that consumers have cut spending in the face of excessive job and income uncertainty. As a result, family savings in 2020 in many of the superior economies reached their highest levels this century, according to OECD data, as deposits of financial institutions rose rapidly in many countries.
The agency revealed that additional saving was the highest in advanced economies, specifically North America and Europe, where closures were applied on a large scale and coincided with excessive stimulus plans. Moody's estimated that in the United States only, families have accumulated additional financial savings of more than $2 trillion.
Source (Al-Rai Newspaper-Kuwait, Edited)
