EXACTLY a year ago, the euphoria in the stock market saw investors pricing in what they believe to be the start of an economic recovery in the second half of 2021.
As forward looking as the market is and despite the vaccine optimism that lifted markets in November 2020, the state of the global economy is nowhere near the recovery envisioned last year.
The vicious twin of the Covid-19 in the form of the Delta variant took over the dirty work of wrecking the economy, which has recently forced the United Kingdom and Sydney into renewed lockdowns.
Even Israel, being the most vaccinated country in the world, reimposed its mask mandate indoors due to fears over the infectious variant.