Growth has been running above potential in the US since September last year in spite of a temporary slowdown in December and January. In contrast, European growth has remained at below potential levels and still struggles today, mainly due to slack in investment perspectives, consumption, and insufficient improvement in unemployment. In relative terms, the situation is expected to remain in favour of the US over the short term, especially given the recent evolution in the pandemic and the monumental disparity in the size of the fiscal stimulus between each side of the Atlantic.
Source: Bloomberg, Unigestion. Data as at 26 March 2021.
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