This may be the end of Reagan-Thatcher libertarian wave, says American economist Larry Summers
Larry Summers, former Chief Economist at World Bank, is optimistic about post-pandemic recovery prospects. In an interview with Vanity Fair, Summers said that even though the current economic scenario may be grim, the recovery may be faster than what most people expect.
Talking about how bad the current healthcare crisis looks in terms of its economic implications, Summers says, “I think the peak to trough decline is overwhelmingly likely to be worse than anything I’ve seen by a significant margin. Something like a third of the workforce is not going to be able to work during the current period of social lockdown.”