What a year! Who still remembers the start of 2020, when the global economy was discussing the eurozone’s Japanification, trade wars and how to revive or extend the very mature economic cycle? In January, Covid-19 was just a regional virus, and none of us thought it could end up becoming the driver of such turbulent year.
As the wild year slowly but surely draws to a close we look back on 2020, and see a global economy which had entered the pandemic on a much weaker footing than most previous economic crises and ended up in the most severe economic slump in almost a century.
In our Global Macro Outlook 2021, we focus on what to expect beyond lockdowns, the virus and the vaccine. Our traditional forecasts and expectations can be found here. It is not always a look on the bright side but rather an analysis of what to expect from 2021.