Surfing the third wave

Editorial The third Covid wave is surging with power, undermining governments’ attempts to contain its impact. This impact on manufacturing activity in Europe now seems to be limited (manufacturing PMIs up in the Eurozone in March), but it will probably wreak havoc on the services sector as a result of the new announcements of health restrictions. The Managing Director of the IMF has said that the Fund will raise its growth forecasts for 2021 and 2022 next week (against the backdrop of the Chinese and US recovery and the progress of vaccination), while emphasising that the risk of a desynchronised recovery between countries (DM vs. EM) is increasing. It will take quite an effort to stay on our boards…