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Chip shortages set to ease, vaccine passports

The rebound in industrial production in March is consistent with our view that the second state of emergency wasn’t as damaging as many had feared. And while the chip shortages that are plaguing car and electronics manufacturers have yet to ease, firms’ production forecasts suggest that the recovery in industrial output will continue apace. The bigger risk is that the worsening fourth virus wave forces the government to impose yet more draconian restrictions on services activity.

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