Economic and financial risk insights

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      <subfield code="a">The vaccination race is on and the first countries to reach herd immunity will have a significant economic and social advantage. As of now, the US and UK are much better positioned to reach herd immunity than the Euro area countries. China has already exceeded its pre-COVID-19 GDP level, while we expect the US and the Euro area to return to their pre-crisis output levels by Q4 2021and Q3 2022, respectively.

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