A turnaround in returns during March hinted at a brighter outlook, though this mainly reflected favourable base effects. We think both structural and cyclical headwinds remain and do not see this as the start of a sustained recovery. With restrictions only unwinding gradually in Q2 and lingering scarring in some sectors, there is limited further upside in the near-term, despite the more favourable economic outlook.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services