Large swaths of the global economy are exhibiting traditional signs of a V-shaped recovery from the pandemic-induced collapse this spring. The monthly indicators for many countries show vigorous rebounds in June and July, with 10 to 15 per cent projected growth in real (inflation-adjusted) GDP in the third quarter, all else being equal.
To be sure, there are reasons to question whether the perceived upturn is merely a technical bounce-back – an illusion caused by the sheer...
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