By Olav Ostin
Historically, recessions have been discussed in terms of a V-shape—a sharp decline in output followed rapidly by an equally rapid recovery—or a U-shape, where a longer slowdown occurs before a steep uplift, or variations thereof (think Sir Martin Sorrell’s bathtub-shaped prediction from 2001).
This time, as the world surveys the economic wreckage of the pandemic, there is talk of another type of recovery: a K-shape. It’s a two-tier recovery, where a fall for almost everyone is followed by a continued decline for some but a remarkable bounce back for others.
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