That being said, the recovery has so far been historic and atypical. Lay-offs and increasing unemployment have been replaced by bottlenecks and labour shortages in several sectors, while fears of economic activity completely stalling have been replaced by worries of overheating.
However, labour shortages, soaring house prices and the risk of higher inflation are probably transitory phenomena, says Las Olsen.
“The powerful recovery has prompted clear signs of overheating, particularly in the shape of rising prices on industrial components, materials shortages and transportation disruptions. However, our view is that these problems will ease as the global economy normalises and demand shifts back from goods to services,” says Las Olsen.