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KfW Research

The corona crisis and its impact

The crisis caused by the corona shock is like nothing before in terms of how fast it spread, its depth and the global scale of it. Current data and in-depth analyses are needed in order to find ways out of the crisis. Here you can read all the relevant position papers and studies by KfW Research regarding the current situation in SMEs, start-ups, municipalities and the labour market, both in Germany and internationally.

KfW Research – Ideas and thoughts on the crisis

For crisis-resilient growth and better global collaboration  (PDF, 223 KB, non-accessible)

The coronavirus pandemic has plunged Germany into a deep recession. Still, there is good reason to be optimistic. What do we have to do to succeed in overcoming the crisis? (October 2020)

Where to from here? The crucial next steps in the coronavirus crisis  (PDF, 214 KB, non-accessible)

The economic recovery from the coronavirus crisis will hinge on meeting three immediate challenges: managing increased business debt and its consequences, building on the initial impetus for digitalisation and advancing carbon neutrality. (August 2020)

Business cycle

Current economic analyses from KfW Research can be found in our Economy Dossier.


Coronavirus crisis in Germany’s SMEs: Return to full economic activity still far off but gradual opening has eased pressure on liquidity  (PDF, 148 KB, non-accessible)

Most small and medium-sized enterprises will feel the impact of the coronavirus crisis for a long time. That was one of the findings of the second representative supplementary survey based on the KfW SME Panel in June 2020. (June 2020)

SMEs are firmly in the grip of the coronavirus crisis but (still) holding on strong  (PDF, 214 KB, non-accessible)

The coronavirus crisis currently has a firm grip on Germany’s SMEs. A slump in turnover, dwindling liquidity buffers and uncertain prospects are spreading gloom. In March alone, SMEs’ turnover losses amounted to EUR 75 billion. (April 2020)

Innovation and Digitalisation

Innovation during the coronavirus crisis: necessity is the mother of invention  (PDF, 181 KB, non-accessible)

Many SMEs are reacting to the coronavirus crisis with innovations. 27% have already introduced process, product or business model innovations.

SMEs are responding creatively to the coronavirus crisis  (PDF, 135 KB, non-accessible)

Many small and medium-sized enterprises have modified their offerings, sales method and business model as a result of the corona crisis. (June 2020)


Coronavirus crisis has unsettled the VC market and changed the investor landscape  (PDF, 91 KB, non-accessible)

In a special survey, 24 VC investors gave their views on specific aspects. Start-ups are grappling with losses in turnover, which has also increased the risk of failure. At the same time, the crisis is impacting on their financing situation. (August 2020)

Job Market

Coronavirus crisis drives shift to flexible and digital working in SMEs  (PDF, 93 KB, non-accessible)

In order to keep their business open and protect their employees during the coronavirus crisis, many SMEs have increasingly transitioned to flexible working hours, split teams and home working arrangements. (June 2020)

International situation

Economic impact of the COVID-19 pandemic on Latin America  (PDF, 169 KB, non-accessible)

The measures taken to contain the spread of the coronavirus pandemic, the collapse in commodity prices, the disruptions in international financial markets and the economic downturn in important trading and financing partners such as the US and China have hit Latin American economies hard. (April 2020)

Considerations on the economic impact of the coronavirus pandemic on Africa  (PDF, 322 KB, non-accessible)

The coronavirus crisis has hit Africa’s economies particularly hard. Major export markets have collapsed as a result of the global economic crisis. The costs of imports are rising and driving inflation. (April 2020)


KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,

Our newsletters report on economic and demographic developments in Germany and Europe, as well as on interesting global economic and development policy topics.