They go on to ask: “With such contagion around the world, during the boom, of such a motivational TV story, is there any reason to doubt that the contagion of stories has economic significance, or that there could be worldwide fluctuations in animal spirits?
Recovery in the Global Economy First, the global economy declined significantly in the first half of 2020 due to the impact of COVID-19 but has recovered on the whole (Chart 3). By region, economic activity resumed earlier than elsewhere in China last year, and its economy has continued to recover.