CHRIS GILMOUR: Where did it all go wrong as recession fears replace euphoria?
Uneven pandemic recovery is primarily to blame, with many countries in lockdown again
Up until fairly recently, conventional wisdom dictated that the global economy was in for something of a bonanza as the Sars-CoV-2 pandemic subsided and disappeared, much along the lines of what happened with the so-called Roaring Twenties in the aftermath of the Spanish flu just more than a century ago.
The logic seemed sound; people were weary of repeated lockdowns; there was much cash around due to enforced savings, effectively, as many shops and travel opportunities closed during the pandemic; and pent-up demand had to be satisfied. So what went wrong and why is the world now looking at the possibility of a recession, just a few months after expressing such unbridled euphoria?..
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