ECONOMIC FORECASTERS could be forgiven for feeling a sense of whiplash. As covid-19 runs rampant in Europe and America the world economy is taking another hit from the pandemic. America's consumers are gloomy; Europe's service sector is contracting. At the same time the growing prospect of mass vaccination in 2021 raises the prospect of an imminent recovery. In 2020 economists were too pessimistic about how fast growth would rebound after the first wave of infection, especially in America. A vaccine might allow another snapback in 2021.
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