Why The Global Economy Is Recovering Faster Than Expected

WORLD ECONOMY RECOVERS SURPRISINGLY

Article in Harvard Business Review

Why The Global Economy Is Recovering Faster Than Expected

by Philipp Carlsson-Szlezak, Paul Swartz and Martin Reeves

The economic impact of coronavirus continues to surprise. In the spring, previously unimaginable shutdowns pushed economic activity to unimaginable lows. After the initial shock, however, perhaps the biggest surprise has been how fears of systemic meltdown remain unfulfilled — the initial bounce back was far stronger and sooner than expected, and some sectors of the U.S. and other economies have seen complete recoveries to pre-crisis levels of activity.

While the stronger-than-expected recovery aligns with the business experience of many leaders we speak with, they still wonder what drove the gap between expectations and reality — and whether it can last. To answer these questions, we need to look at various recession types and their drivers, how Covid-19 fits in, and what this cycle’s idiosyncrasies are.

Fears Unfulfilled, Hopes Surpassed
As the coronavirus forced the economy into shutdown, a brutal economic contraction unfolded, breaking many (negative) records in the process. Yet, the sustained impact was broadly overestimated — both systemically and cyclically — as the intensity of the shock fueled widespread economic pessimism.

— Read on hbr.org/2020/11/why-the-global-economy-is-recovering-faster-than-expected

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