We have seen a clear improvement across economic indicators, especially at the beginning of the summer. As strict lockdown measures were relaxed and economies reopened, the recovery turned out to be slightly stronger than we expected. However, these gains in activity have not yet fully made up for the earlier decline.
More recently, incoming data have suggested that the recovery is losing some of its momentum, as the resurgence in virus infection rates is causing renewed challenges for businesses – especially for those more affected by containment measures.