The latest data on economic recovery in China and the US suggest that
both economies should be back to or above the pre-pandemic levels of
national output by the end of this year (in the case of China probably
some 10% above). This has renewed optimism that the pandemic slump may
quickly be reversed.
<https://www.ft.com/content/f99210c9-c909-4325-8f6b-6684faabef0a?accessToken=zwAAAXjGOQ04kdP5khDJyQlDJdOPa2aE-qvvCg.MEUCIQCcIso14ahWQlmOMBFgjqQyDBFoxKV4VmDPmgP2rA5uOQIgXufCp_AraKTlAuIhUUUPHfhgy_coi49wx5d9tIaM14U&sharetype=gift?token=94560e48-395d-41d7-920a-4e0bae66325a>
Keynesians like Larry Summers and Paul Krugman have previously argued
that the US economy would bounce back quickly because the COVID slump
was more like closing down tourist sites in holiday resorts over the
winter. Once the summer comes, service businesses re-open and economies
leap forward again as the flowers come into bloom.
https://thenextrecession.wordpress.com/2021/04/18/the-roaring-twenties-repeated/
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