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Whither the Pandemic Economy?
The good news is that the unprecedented initial policy response to the economic downturn triggered by COVID-19 has averted a worst-case scenario, making comparisons to the Great Depression unwarranted. The bad news is that a return to strong, sustained growth seems as far off as ever.
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JACKSON HOLE – To comprehend the present, much less to foresee what lies ahead, is as challenging today as at any time in my 30-plus years of professional life as an economist, forecaster, and investor. But challenging does not mean hopeless. The contours of the global economic landscape remain discernible despite the intersecting layers of fog brought on by a pandemic, rising populism, and widespread social strife.