The impact of Covid-19 on the global economy last year took even veterans of the finance sector by surprise. “I’ve been in finance since 1990,” says Anthony Raza, senior director and head of multi-asset strategy at UOB Asset Management (UOBAM). “I’ve never seen economic devastation like what we saw last year.”
Yet, optimism is in no short supply. Although the current waves of Covid-19 infections are surpassing prior waves, UOBAM believes the markets are confident for a sharp economic rebound in the wake of lockdowns, and that vaccines will finally quell the pandemic before the end of 2021.
In fact, economic recovery is entirely dependent on how successful countries are with their vaccine rollouts, says UOBAM in its 2021 Investment Outlook Seminar, held recently.