Optimism abounded as 2019 drew to a close. If the 2010s had been a lost decade of weak growth and stagnating living standards then the years to come were going to be much better.
The talk was of a new Roaring Twenties, a repeat of the decade that followed the first world war. There were even Great Gatsby-themed fancy dress parties to celebrate the good times to come.
All of that now looks wildly premature. So far, the 2020s have been anything but roaring. The pandemic that spread around the world in early 2020 is far from over and its impact continues to ripple through the global economy.
In China, where Covid-19 had its origins, the authorities have used draconian lockdowns in an attempt to eliminate the virus. As a result, the economy has pretty much ground to a halt (if last week’s official figures are to be believed) and actually contracted (if they are not).
News from the other two big engines of the global economy is no better….
