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New waves of the Covid-19 outbreak in major parts of the world may have sparked fears of a double-dip recession but Zach Bevevino, director and product strategist for BlackRock’s Multi-Asset Strategies Group, remains optimistic that the global economic growth is on track.
While the risks remain, Bevevino thinks the worst may be over. “We saw a record drop and recovery in markets [this year]. In March, we saw the fastest bear market in history. The S&P 500, in just 22 days, lost 30% of its value. In the last couple of months, it has recovered that and then some … Ultimately, we think we are likely to see positive economic growth in 2021,” he said in his presentation, “Finding consistent high income in a low rate world”.