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December 2021

The Central Bank Dilemma

Not too long ago, when the Covid threat first emerged, economists the world over entertained us with various forecasts of how exactly the recession of 2020 would play out. Some were quite determined that it would be in a U-shape, while others suggested a W-shaped, L-shaped or K-shaped pattern. Some boldly predicted that the downturn would last a while; the opposite camp thought it would be short-lived.