Why The Global Economy Is Recovering Faster Than Expected

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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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Eco. Lassi Pensikkala
Founder of Amer Experience
AmerExperience.com | Created at The Pacific Coast of Americas

Studied Economy, Psychology and Sociology at the University of Hamburg Germany. Speaks English, German, Spanish, Swedish and Finnish

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By MSc(Econ) Lassi Pensikkala - International Travel and Business Expert

Lassi Pensikkala is the creator of AmerExperience.com. He writes regularly providing thought leadership on topics related to Travel, Golf, Business, Health, and Lifestyle. You can follow him on Twitter @amerexperience or connect on Linkedin. You can read his business and travel magazines on Flipboard @amerexperience Expertise: International Travel And Business Expert Creator of AmerExperience.com - Education: Studied International Business in Business School of Turku Finland, and Economy, Psychology and Sociology at the University of Hamburg graduated as MSc(Econ) - Language skills: Multilingual - English, German, Spanish, Swedish and Finnish - Life philosophy: 1959 and the 60’s were the golden times of Rock’n Roll, student movements, and first flight to moon. The nordic people were free to travel in the Scandinavian countries including Finland. No passports or travel documents were needed. The freedom still today is the most important for the Scandinavians from that epoch. Freedom is to travel, learn to know new countries and other languages, and meet different people and cultures. He wishes the new generations would have the same possibilities experiencing all that what makes you feel free, and building a strong personality. -

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