Macroeconomics and Financial Markets in the Face of COVID-19

17 June



The global economic and financial market impact from COVID-19 is truly profound – the likes of which none of us have seen before. With global growth plunging at an unprecedented pace, the policy response from both the governments and central banks has also been unmatched. Navigating this treacherous landscape is a challenge creating significant risks but also bringing opportunity.

In this webinar, Guy Miller, Hokan Hedström and Franck Baron will discuss the economic outlook for the year and beyond, the impact of the monetary and fiscal response, and what all this will mean for financial markets and asset prices.

Speakers / Moderators

Guy Miller

Chief Market Strategist & Head of Macroeconomics
Zurich Insurance Company Ltd

Hokan Hedström

Head of Asian Market Strategy
Zurich Insurance Company Ltd

Franck Baron


Key Takeaways

In this session, the speakers presented the economic trends happening in different countries in the APAC region and translated how it can impact these economies for the foreseeable future.

Like many pandemics in history, a global recession is expected, albeit it will be sharp but short. Corporate earnings are still highly uncertain as business sentiment is still low in many countries. Debts are also expected to be much higher, and will be around for many years to come. On the brighter side, central banks around the world are acting to implement monetary and fiscal policy measures to mitigate the impact on macro and markets. Though protectionism will be more evident in many governments, it isn’t expected to be as drastic and we will be able to see enough growths.

Finally, the COVID-19 virus itself remains as the main determining factor for the economic outlook, which at the moment is still beyond the grasp of cures and vaccines.

Some questions from risk managers: Should we expect a form of the Great Depression as an after-effect of the pandemic? Will having such a huge balance sheet mean the government taking on riskier assets that would eventually cause a collapse, like the last global financial crisis?

More About This Event​​

Presentation Deck

Cyber INCIDENT Simulation FORUm

Jeffrey Toh
Jeffrey Toh

Business Risk Consultant, Asia Pacific

FM Global

Jeffrey is a member of FM Global’s Business Risk Consulting (BRC) team in the Asia Pacific region. BRC services take a strategic approach towards helping clients identify the critical processes that drive their businesses and quantify dependencies on those processes. Through Business Impact Analysis (BIA), BRC helps clients to better understand the financial exposures to their businesses, to strengthen business resilience and develop effective risk management strategies.

Jeffrey joined FM Global in September of 2018. Prior to joining FM Global, Jeffrey was a Risk & Compliance Manager in the Group Finance department of The Great Eastern Life Assurance Company Limited, where he specialised in business process improvements and developing risk strategies. Prior to Great Eastern, Jeffrey served as a Corporate Improvement Manager in a publicly listed supply chain management company. He also had experience in performing financial statement audits in a range of industries, during his stint as a Senior Assurance Associate in Deloitte.

As a member of the Business Risk Consulting Group, Jeffrey is primarily responsible for conducting Business Impact Analysis, working in partnership with FM Global clients, to fully identify and quantify the client’s financial exposures as they relate to property and business interruption loss potential. The analysis Jeffrey performs often result in the identification of significant exposures that were previously unknown or not fully understood by the client, which potentially has a material impact to risk management decisions.

Jeffrey holds a Bachelor of Accountancy degree from Nanyang Business School, Nanyang Technological University of Singapore. He is also a certified Chartered Accountant.

Guido Gavio
Guido Gavio

Asia Complex Loss Director


Guido Gavio is the Asia Complex Loss Director for BELFOR Asia. He has more than 22 years of experience in handling restoration projects for companies suffering from losses after a disaster. He joined BELFOR Asia, then known as Relectronic – Remech as a Restoration Engineer in Australia in 1996. He rose through the ranks and was seconded to Thailand for 3 years from 1998 to 2001 before being posted to the regional Headquarters in Asia in 200

Guido studied electrical engineering at the Universidad Technologica de Buenos Aires in Argentina. Upon graduation, Guido worked at the National Institute of Industrial Technology assisting with research programs in the area of superconductors where he gained considerable hands – on experience in developing and building prototypes. Guido then migrated to Australia where he worked for Telstra in the design and construction of the cable and internet network.

Upon completion of the Telstra project, Guido joined Relectronic – Remech. BELFOR Asia has the capability to recover buildings, production lines and other property, following disaster incidents such as fire, explosion, earthquake, typhoon, wind, flooding, rain, water ingress, chemical spills etc.

The company has maintained the market leader position for disaster recovery in Asia for the past 25 years, and is now handling more than 1,600 industrial disaster incidents per year.