Progress to date has been limited and getting to effective national-level protection will be a protracted process, but there is now a good prospect that global economic activity will gradually recover over 2021-22

Local and international equity markets continue to take comfort from the prospect of vaccinations bringing the coronavirus pandemic under control

The first coronavirus vaccinations are underway, and in many countries (including New Zealand) the economic bounceback from the initial lockdowns has been stronger and faster than earlier expected.

It is not surprising that earlier this month the Reserve Bank of New Zealand has provided further monetary policy support to help with what is likely to be an extended period of post-COVID-19 recovery

Here the virus remains well-contained, but overseas there has been a resurgence in cases across a wide range of countries. However, the latest analysis is that the global economy will still recover in 2021.