“The survey indicates encouraging overall progress in
the global economic recovery from the COVID-19
outbreak, which was declared a pandemic after
spreading globally in March, but trends have been very
varied, both by country and sector. Notably, some
countries and sectors have made less progress than
anticipated when the survey had previously been
conducted back in June, reflecting disruptions caused
by further waves of virus infections.
“Companies in China have not only reported the
greatest success so far in recouping output lost to
COVID-19, but also anticipate making the fastest full
recovery, though US companies come a close second.
Given that the outbreak and associated lockdown
occurred earlier in China, this represents very
encouraging progress for the US.
“High levels of infections, and second waves of the
outbreak, have nevertheless meant many countries
have achieved less progress than had been signalled
when the prior survey was conducted back in June.
Most notable are India, Spain and Italy, where recovery
prospects reported by companies have even taken
“Similarly, the virus has had a bigger and more
prolonged impact than previously expected on recovery
paths for many consumer-facing service companies in
particular, which continued to lag the overall recovery.
Perhaps not surprisingly, hotels and restaurants are
anticipating the slowest recovery paths.
“While it was perhaps to be expected that food and drink
companies would lead the recovery, reflecting the
sustained need for such non-discretionary purchases,
vehicle manufacturing is a stand-out performer, a large
proportion of which is accounted for by auto makers,
which has reported the biggest improvement in recovery
prospects over the past four months.”