•  At the same time, uncertainty will remain with respect to the widespread availability and deployment of a vaccine, which implies that the spectre of potential future containment measures may weigh onto economic activity into 2021. The outlook will be shaped by different forces, which may pull it in different directions.
•  On the one hand, activity has rebounded much more strongly in Q3 than expected. This confirms that idle resources can resume economic activity much faster when no longer constrained by cointainment measures, which will support the medium-term inflation outlook. Moreover, households and firms seem to adapt better to the pandemic and the containment measures, which arguably makes activity more resilient.