As such, the private sector will not be at full speed well into 2021, and in need of a crutch. That makes additional fiscal support necessary to continue assisting struggling seg- ments of the economy bridge the gap to a broader recovery.
The marquee event of the 2020 schedule is around the corner. From a market perspective, the upcoming Nov 3 US election and aftermath are assuming increased importance.
The persistence of the biggest unscheduled event of 2020 — the Covid-19 pandemic — means the varying election outcomes have implications for fiscal policy that will largely determine whether growth
in 2021 is vigorous or down shifts rapidly, leaving lasting scars. The virus will likely continue to delay any full normalisation of activity until there is broad inoculation by an effective and trusted vaccine.
