Rarely has a recession been as synchronised as the one we experienced last year. Quarterly data from a panel of 88 countries show that 76 experienced a contraction in the first quarter of 2020, rising to 85 in Q2. Likewise, the recovery was highly synchronised, with all bar three countries returning to growth by Q3. Indeed, Fathom’s quarterly GDP proxy suggests that output was back to within 1% of pre-crisis levels by Q4…

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