While some major economies are recovering fast from the pandemic-induced recession, others are languishing, and still others remain in a state of acute crisis. The extent to which these global inequalities persist will depend on a range of factors, and will have profound implications for social, political, and geopolitical stability.
NEW YORK – After the most severe global recession in decades, private and official forecasters are increasingly optimistic that world output will recover strongly this year and thereafter. But the coming expansion will be unevenly distributed, both across and within economies. Whether the recovery is V-shaped (a strong return to above-potential growth), U-shaped (a more anemic version of the V), or W-shaped (a double-dip recession) will depend on several factors across different economies and regions.
NEW YORK – After the most severe global recession in decades, private and official forecasters are increasingly optimistic that world output will recover strongly this year and thereafter. But the coming expansion will be unevenly distributed, both across and within economies. Whether the recovery is V-shaped (a strong return to above-potential growth), U-shaped (a more anemic version of the V), or W-shaped (a double-dip recession) will depend on several factors across different economies and regions.