Global economics intelligence : executive summary, december 2020

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<abstract displayLabel="Summary">The world economy and the global COVID 19 pandemic seem to be following parallel paths of resurgence. The economic recovery has been remarkably rapid. To take one comparative measure, American industrial production has returned to within five points of precrisis highs in ten months, a mark not reached for five years during the financial crisis that began in 2007 08. During that earlier crisis, furthermore, world trade recovered after two years; in the present crisis, trade recovery was reached in September, after only nine months. Since September, trade has further accelerated, led by exports from China. These grew by leaps and bounds over the past three months, with increases over 2019 levels of 9.9% in September, 11.4% in October, and 21.1% in November. The trade expansion has come so fast that for a time growth was delayed by a shortage of shipping containers in Chinese ports.</abstract>
<note type="statement of responsibility">Alan FitzGerald, Krzysztof Kwiatkowski, Sven Smit</note>
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