- The global economy is bouncing back quickly from a sharp collapse in the first half of last year. What we are seeing now, therefore, is to some extent the mirror image of developments in 2020.
- Despite having increased somewhat over the last year, long-term inflation expectations are still low by historical standards.
- The growing bifurcation between emerging and developed markets is a source of fragility for the recovery.
- Fiscal measures targeting longer-term issues have been more elusive and there is therefore a risk of going back to a pre-Covid-19 macroeconomic scenario.