Marc-Antoine Collard
Chief Economist – Director of macroeconomic research
While recovery in most countries has been somewhat faster than expected after they reopened in early April, the global economy’s recovery remains uncertain. Admittedly incoming GDP reports show a historic surge in Q3 2020, but only to mirror the Q2 dramatic plunge. With the resurgence of COVID-19 infections, re-openings have paused, and targeted shutdowns are being reinstated in many countries, mainly in Europe, which will weigh heavily on activity. Meanwhile, the impact of the health crisis could be much more long-lasting than investors expect.
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