The lifting of almost all states of emergency on Sunday should translate into economic activity rebounding further next week and entering Q3 on a relatively strong footing. And with daily cases continuing to plunge and the acceleration in the now fast-moving vaccine rollout showing no signs of slowing, we're revising up our consumption forecast for Q3. However, a major downside risk that remains while vaccine coverage is low is the high-transmissible Delta (India) variant. If it takes hold soon, it could yet force fresh emergency declarations by threatening the healthcare system.
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