Carsten on 2020’s cruel summer

With GDP down in double digits in virtually all global economies, ING's Carsten Brzeski reflects that this truly is a 'cruel summer'. The only good thing, he says, is that the worst is hopefully behind us. It's true that there's been an almost mechanical v-shaped rebound in the past couple of months. However, we'll only know whether this is a sustainable recovery after the summer. And it all depends on there not being a second wave of Covid-19 which would lead to another round of lockdowns.