In the US, one Federal Reserve official predicted that virus resurgences would create a pattern of ups and downs in economic activity that would resemble a W with “a wiggly tail.”
Economists have run through the alphabet this year. They’ve turned to letters and shapes in an effort to illustrate the unprecedented economic upheaval caused by the pandemic.
The 2008-09 financial crisis had Ben Bernanke’s “green shoots” and angst about a “double dip” recession. In 2020, we’ve heard about not only a V-, U-, L-, and K-shaped recovery, but also a Nike Swoosh and Cape Cod in winter. The econospeak has even cracked into the mainstream, showing up in presidential debates and in major media.
At the onset of the pandemic, many economists predicted a quick bounce back to normal activity following a sharp downturn triggered by the widespread closure of businesses and schools. Countries with relatively healthy economies going into the pandemic
First Published: Dec 23 2020 | 10:11 PM IST