Household balance sheet

Lower consumption at the bottom of the pyramid will affect growth

Economic activity is recovering, with a decline in new Covid-19 cases and an increase in public mobility. Economists believe that the impact of the second wave on output has been less severe than the first, and is expected to remain limited to the first quarter of the current fiscal year. Although the focus usually is on the headline gross domestic product (GDP) numbers, the pandemic has had a material impact on the household balance sheet. A delayed economic recovery will prolong the pain for households. While the actual impact on individual finances will be known after a significant lag, incoming