That recovery is one of three things I see shaping the outlook in the New Year. The second is how policy continues to evolve.
In a post-COVID 19 world, how policy is managed, and how the withdrawal of support is calibrated as economies get closer to pre-COVID levels of activity will be critical. This is already underway in places like China.
The third key issue is the strategic challenges that will continue through 2021 – namely climate, inequality and geopolitics. None of these are going to go back to where they were before the pandemic.
On climate, we've very much learned how a massive disruption to our natural environment can impact the economy. The lessons we take from this will be critical.
Unfortunately, the deterioration in inequality through COVID-19 has been pretty eye watering, and that's going to be an ongoing challenge.
The final challenge will be geopolitics. That's clearly been in flux for a few years and COVID-19 has taken it to a new level. We’ll see how a new US President handles that in the New Year.
It feels like there couldn’t be more happen in 2021 than we saw in 2020 but next year, I think, has got plenty in store for the global economy.
Richard Yetsenga is Chief Economist at ANZ