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Three stages of the global recovery — an outlook from Manulife Investment Management’s chief economist Thumbnail

Three stages of the global recovery — an outlook from Manulife Investment Management’s chief economist

Insights Newsletter Wealth


Frances Donald, Managing Director, Global Chief Economist, and Global Head of Macroeconomic Strategy explains why she believes the pandemic will play out in three stages and will accelerate macrotrends already at work.


Read the article from Manulife Investment Management’s chief economist:

The three stages of the global economic recovery


Key takeaways

  • The global economic recovery isn’t likely to form a single alphabet—rather, it’ll be a fusion of several letters, unfolding over three stages, with the first phase of the recovery most likely to be characterized by a risk-on mentality.
  • We expect the recovery to lose steam during the second stage as headwinds to growth begin to gather pace; November’s U.S. presidential election and volatile relations between Washington and Beijing are likely to dominate market sentiment.
  • In the longer term, we expect a gradual move toward regionalization as countries try to wean their economic dependence on both the United States and China.  


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