The macro data published in May and June so far shows a lackluster recovery, with significant challenges both in the pace of unemployment reduction and the improvement in consumption and investment.

According to the United Nations, global foreign direct investment is expected to fall 40 percent from pre-COVID levels in 2021, while U.S. and eurozone unemployment figures are likely to remain elevated even in a recovery.

Despite massive government and central bank stimuli, the global economy is seeing a concerning rise in defaults and delinquencies. The main central banks’ balance sheets (the Federal Reserve, Bank of Japan, European Central Bank, Bank of England and People’s Bank Of China) have soared to a combined $20 trillion, while the fiscal easing announcements in the major economies exceed 7% of the world’s GDP, according to Fitch Ratings. This is the biggest combined stimulus plan in history. However, businesses are closing at a record pace and unemployment has reached extremely elevated levels in many countries.