The difference between COVID and a war

After a war, the capital that was destroyed during the war is rebuilt, because this capital (housing, infrastructure, factories, etc.) is necessary. This results in a high level of investment and strong growth. After the COVID crisis, capital will be lost (in economic sectors in permanent difficulty, due to the acceleration in the energy transition), but this capital is no longer necessary and will not be replaced. It is not at all certain that there will be a sharp increase in investment in other economic sectors. The configuration may therefore be quite different to that observed after a war: capital will be lost, but growth will remain weak in the absence of investment to rebuild capital.