Even if growth is strong in 2021, which by the way is not certain, the output gap will remain high (underemployment will remain high)

Some analyses assume that growth in OECD countries will be strong in 2021 (which by the way is not certain) and conclude that long-term interest rates, inflation and commodity prices will rise. But growth should not be confused with the degree of underemployment (output gap, i.e. the gap between the level of GDP and the level of potential GDP). Even if OECD growth is well above potential growth in 2021, the output gap (underemployment) will remain very large, implying continued low interest rates, inflation and commodity prices, and below-normal profits.