Why the economy after Covid will be a PLEB!

The western world’s economic recovery post-Covid, will be PLEB — productivity led economic boom. Growth will be at its highest level in decades, productivity will soar, inflation will be modest and emerging markets will do even better.

During the first few years of this decade, central bankers came up with an acronym to describe the economy: NICE. It stands for non-inflationary, consistently expansionary. Before the 2008 crash, the UK had enjoyed its most prolonged spell of uninterrupted economic growth ever. The US hadn’t seen quite such an extended period of growth, as, unlike the UK, it suffered a mild recession in 2001. Even so, it had experienced something akin to the good times.