The economic disaster that has resulted from the COVID pandemic for many has simply cemented their view that the economy is stuck in a grindingly low-growth phase that will result in even more scarring and further exacerbate those structural impediments. We take a contrary view, however.
In this Economics Weekly, we argue that while we still face some very significant near-term challenges, the COVID pandemic has been a forced experiment that ultimately could result in higher real potential GDP growth, which has significant implications for longer-term growth.
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Richard de Chazal, CFA is a London-based macroeconomist covering the U.S. economy and financial markets.