![]() ![]() The big question is: Why would the pandemic bring lower growth? There are several reasons. ![]() In other words, the problem is not so much a sudden collapse in activity, but the negative impact that follows. However, this rapid recovery is immediately followed by a structural slowdown. A square root begins with a strong upswing, much like the one we are experiencing now, even as the pandemic still lingers. So rather than suggest a letter, I would like to call for a different shape recovery in a post-COVID world: the square root. The newest version of recovery, the K-shape, reflects the increasing disparity between the winning and losing sectors, including the middle class. It is abundantly clear now that we cannot expect to see a rapid V-shaped recovery - nor should we expect a complete stagnation or a L-shaped recovery. Those who say there are no letters left in the alphabet to describe the evolution of the world economy after the pandemic are absolutely right.
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