Economics
World Economy That Took Elevator Down Faces Steep Stairs Back Up
- Hopes fade for a V-shaped rebound as virus continues to spread
- Forecasts are starting to merge on a full recovery in 2022
A chain secures locked gates in front of a shuttered store in Madrid.
Photographer: Paul Hanna/BloombergThis article is for subscribers only.
The world economy is entering the second half of 2020 still deeply weighed down by the coronavirus pandemic with a full recovery now ruled-out for this year and even a 2021 comeback dependent on a lot going right.
It’s a scenario few if any predicted at the start of the year when most economists were banking on another year of expansion and a U.S. and China trade agreement was meant to give corporate and investor confidence a shot in the arm.