Covid-19 Executive Briefing

Understanding the economic impact of the Covid-19 pandemic and the implications for the mining sector

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Latest update: 18 May 

Many economists have cut their GDP forecasts. The 2020 consensus forecast for GDP growth is currently negative and many predict a recession.

Major market indices are improving and, as concern over Covid-19 spreading falls, business optimism is trending upwards.


With economists cutting their forecasts in response to the pandemic, the 2020 consensus forecast for GDP growth is currently -1.9%.


HSBC revised its global economic growth forecast for 2020 to -4.8% in May from -3.3% in April.

Impact of Covid-19 on asset prices


Latest update: 18 May 

GlobalData analyst view:

"Lockdowns and closure of non-essential businesses and operations is particularly impacting platinum, copper, silver and gold, with only coal mines largely exempt."

The latest forecast for global construction output growth is a decline of 2.2%, versus initial expectations of 3.1% for 2020.

Lower automotive manufacturing will also impact demand for steel, aluminium, platinum, and palladium. Platinum demand is forecast to decline by 7% in 2020.

Aslowdown in construction has impacted copper and steel demand, with copper demand forecast to be down by 3% in 2020.

impact on capital expenditure

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