For the global economy, 2020 is ending with a sense of hope for the future, partly built on the assumption that it can’t surely be that bad again.
Such optimism is also founded on the rollout of vaccines to control the coronavirus pandemic. That means a return to some semblance of business-as-usual in the course of 2021 is now less ambitious a prospect than it once was.
But that outcome would arrive too late to save many millions of jobs and the buildup of hundreds of billions of dollars in newly created public debt throughout the world.
What began as a year clouded by the milder threats of a fractious U.S. presidential election, ongoing trade tensions with China, and a hard deadline for U.K. relations with the European Union soon became an existential ordeal to salvage any economic growth at all amid unprecedented lockdowns.
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