In large part, the shape of the economic recovery from COVID-19 is likely to be a global phenomenon. Most countries will either enjoy a fairly steady return to pre-crisis levels of activity, or they will suffer a more prolonged economic slump, together. But there will be differences, with poorer countries more likely to suffer financial crises. In that context, although equity investors began to discriminate between economic sectors around mid-March as the major benchmarks turned a corner, there is still relatively little discrimination between countries, and between EMs and DMs in particular.
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