But precisely because the COVID-19 recession has affected services so deeply, it will also herald structural change. There is always some rotation of businesses during downturns, but the pandemic is different: it is accelerating the pre-existing spread of digitalisation in ways that look set to permanently reshape our economies and our societies.
4  For empirical evidence of the dependence of financial deepening on property rights, see La Porta, R. F. Lopez‐de‐Silanes, A. Shleifer and R.W. Vishny (1998), “Law and Finance”, Journal of Political Economy, 106(6). 5  For indicators of contract enforcement see World Bank (2013), Doing Business 2014: Understanding Regulations for Small and Medium-Size Enterprises. Washington, DC, World Bank Group.