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The next phase of the V

It will be about returning to where we would have been sans the Covid-19 shock and it may be reached by the middle of next year.

Accelerated restructuring has taken place in the labour market. Jumpstarting it with expansionary policies means that wage pressures will build up quickly, ensuring that underlying core personal consumption expenditure inflation will rise and eventually move sustainably higher.

THE plunge in global economic activity in March was followed by a supercharged recovery from May, helped by the restart of economies and the opening of floodgates of monetary and fiscal stimulus. This rapid turnaround, which defied consensus expectations, means our forecast that global GDP will...

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