A couple enjoy drinks at a restaurant on Ocean Drive in Miami Beach, Florida, on June 26. Patrons flocked to restaurants and entertainment venues after the state eased restrictions to curb the spread of Covid-19, but Florida is now seeing a surge in case numbers. Photo: AFP A couple enjoy drinks at a restaurant on Ocean Drive in Miami Beach, Florida, on June 26. Patrons flocked to restaurants and entertainment venues after the state eased restrictions to curb the spread of Covid-19, but Florida is now seeing a surge in case numbers. Photo: AFP
A couple enjoy drinks at a restaurant on Ocean Drive in Miami Beach, Florida, on June 26. Patrons flocked to restaurants and entertainment venues after the state eased restrictions to curb the spread of Covid-19, but Florida is now seeing a surge in case numbers. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Has the coronavirus-hit global economy seen the worst of the crisis? It’s too early to tell

  • While the stock market and business surveys point to a rebound, the improvement in economic data is rooted in the steep contractions in output earlier this year
  • Markets seems to be conflating the stronger-than-expected rebound with a smooth recovery

Nicholas Spiro
Nicholas Spiro

Updated: 2:36am, 10 Jul, 2020

Why you can trust SCMP
A couple enjoy drinks at a restaurant on Ocean Drive in Miami Beach, Florida, on June 26. Patrons flocked to restaurants and entertainment venues after the state eased restrictions to curb the spread of Covid-19, but Florida is now seeing a surge in case numbers. Photo: AFP A couple enjoy drinks at a restaurant on Ocean Drive in Miami Beach, Florida, on June 26. Patrons flocked to restaurants and entertainment venues after the state eased restrictions to curb the spread of Covid-19, but Florida is now seeing a surge in case numbers. Photo: AFP
A couple enjoy drinks at a restaurant on Ocean Drive in Miami Beach, Florida, on June 26. Patrons flocked to restaurants and entertainment venues after the state eased restrictions to curb the spread of Covid-19, but Florida is now seeing a surge in case numbers. Photo: AFP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.