By the end of 2020, financial markets —mostly in the US—had reached new highs, owing to hopes that an imminent covid-19 vaccine would create the conditions for a rapid V-shaped recovery. But these trends have widened the gap between Wall Street and Main Street, reflecting a K-shaped recovery in the real economy. The top 50 billionaires in the US were wealthier than the bottom 50% of the population (a cohort of about 165 million people). After going into free fall in the first half of 2020, the world economy started to undergo a V-shaped recovery in the third quarter, but only because many economies were reopened too soon. Whether major economies experience a W- or a U-shaped recovery, there will be lasting scars.

Source: Mint December 31, 2020 17:48 UTC