2021: Summer is coming

The race against time between virus mutations, the ability to prevent its spread and vaccinations continues. Our central scenario is still based on an acceleration in immunisations through increased laboratory production capacity, more effective vaccination campaigns and a larger number of vaccines. Economies could therefore reopen from the end of Q2 for some and in Q3 for most. Global growth will therefore bounce back markedly with the United States and Europe, in addition to China, which has continued to rebound since Q2 2020.