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In this issue

When the economic slow-down initiated by the COVID-19 induced shut-down was in its early stages, most optimistic scenarios hoped for a V-shaped recovery whilst a U- or W-shaped one were already becoming apparent in some markets and business sectors just a few months into the crisis. Whilst those countries which acted early and strongly, for example China and Vietnam, are today showing signs of a V-shaped recovery driven largely by domestic consumption, it is not the case everywhere and the lexicon of letters economists use to describe the global recovery is now more frequently using that usually silent letter in the English language, K. This reflects the disparity now apparent in recovery scenarios being faced between countries, industries and social classes with very differing time-frames and depth of impact being faced across different markets. Policy packages are going to need to become more specific in their application if we are going to help those sectors and workers in areas more deeply affected, catch-up again with those returning to stability and growth more quickly.

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