The idea of a sharp v-shaped recovery is fanciful. Unemployment...

The idea of a sharp v-shaped recovery is fanciful.

Unemployment is going to well above 10%. Historically it has been very sticky and will take a very long time to get back to where we were pre-Covid - we only just got back to near pre-GFC levels.

Similarly, consumer spending will not just bounce back as consumers are being conditioned to be thrifty which will stick.

Tough times ahead!