Multiple economic indicators suggest that the global economy began recovering in May, is gaining momentum and may return to pre-pandemic levels by year-end.
In the first months of 2020, as global COVID-19 cases were skyrocketing and businesses were shuttering, an economic outlook that called for a near-term recovery would have seemed far-fetched. Yet, as July begins, multiple indicators suggest that growth began to rebound in May and even gained momentum throughout June.
“The U.S. economy has already moved into expansion, which marks the shortest U.S. recession on record dating back to the 1920s.”
Ellen ZentnerChief U.S. Economist, Morgan Stanley Research
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