{"id":88306,"date":"2020-10-13T20:41:00","date_gmt":"2020-10-13T17:41:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/scars-are-going-to-endure-strategists-say-as-expectations-for-2021-deteriorate\/"},"modified":"2020-10-13T20:41:00","modified_gmt":"2020-10-13T17:41:00","slug":"scars-are-going-to-endure-strategists-say-as-expectations-for-2021-deteriorate","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/scars-are-going-to-endure-strategists-say-as-expectations-for-2021-deteriorate\/","title":{"rendered":"#\n  Scars are going to endure, strategists say, as expectations for 2021 deteriorate"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a373c05ec28a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a373c05ec28a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/scars-are-going-to-endure-strategists-say-as-expectations-for-2021-deteriorate\/#A_pedestrian_wearing_a_face_mask_as_a_precaution_against_the_transmission_of_the_new_coronavirus_walks_past_a_boarded_up_office_space_in_east_London_on_October_13_2020\" >A pedestrian wearing a face mask as a precaution against the transmission of the new coronavirus walks past a boarded up office space in east London on October 13, 2020.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/scars-are-going-to-endure-strategists-say-as-expectations-for-2021-deteriorate\/#Steve_Goldstein\" >Steve Goldstein<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Scars are going to endure, strategists say, as expectations for 2021 deteriorate<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000032759\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"inline\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          inline\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.640625%;\" data-mobile-ratio=\"66.640625%\" data-layout-ratio=\"66.640625%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-244186?width=140&amp;size=1.5005861664712778 140w,\nhttps:\/\/images.mktw.net\/im-244186?width=540&amp;size=1.5005861664712778 540w,\nhttps:\/\/images.mktw.net\/im-244186?width=620&amp;size=1.5005861664712778 620w,\nhttps:\/\/images.mktw.net\/im-244186?width=700&amp;size=1.5005861664712778 700w,\nhttps:\/\/images.mktw.net\/im-244186?width=860&amp;size=1.5005861664712778 860w,\nhttps:\/\/images.mktw.net\/im-244186?width=1260&amp;size=1.5005861664712778 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-244186?width=620&amp;size=1.5005861664712778\" data-enlarge=\"https:\/\/images.mktw.net\/im-244186?width=1260&amp;size=1.5005861664712778\" alt=\"\" title=\"A pedestrian wearing a face mask as a precaution against the transmission of the new...\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"A_pedestrian_wearing_a_face_mask_as_a_precaution_against_the_transmission_of_the_new_coronavirus_walks_past_a_boarded_up_office_space_in_east_London_on_October_13_2020\"><\/span>A pedestrian wearing a face mask as a precaution against the transmission of the new coronavirus walks past a boarded up office space in east London on October 13, 2020. <span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            justin tallis\/Agence France-Presse\/Getty Images<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       The International Monetary Fund on Tuesday scaled back its expectations for 2021, and that is the outlook that a trio of analysts endorsed as they discussed how the coronavirus pandemic has weighed on the world economy.<\/p>\n<p> \u201cNext year looks so bleak in many ways,\u201d said Christopher Smart, chief global strategist and head of the Barings Investment Institute, in a conversation at the Institute of International Finance\u2019s annual meeting. <\/p>\n<div class=\"paywall\">\n       Not only will it be tough for emerging and developing countries that don\u2019t have the financial resources and infrastructure to handle the blow, but also for smaller- and medium-size companies that can\u2019t tap into capital markets, he said.<\/p>\n<p>Smart said the ability to manage COVID-19 has improved, so that even with a rise in infection rates, mortality rates and hospitalization rates are falling. \u201cIt\u2019s just that next year looks like a pretty tough year,\u201d he said. \u201cIt won\u2019t be a recession according to the official definition of one, but it will probably feel like one in a lot of the world.\u201d<\/p>\n<p>Nathan Sheets, chief economist and head of global macroeconomic research at PGIM Fixed Income, also said that the recovery is now slowing. <\/p>\n<p>\u201cI think a key point is that we have found ways to reconcile the production and the consumption of goods with our public health considerations and our personal safety. But inherent in the production and consumption of many services is a face-to-face interaction. And I think in this environment we\u2019re just not comfortable with the idea,\u201d he said.<\/p>\n<p>Another point Sheets made is that many parts of the economy \u2014 households, firms, and certainly the public sector \u2014 will leave the pandemic with deteriorated balance sheets. \u201cWill those weaker balance sheets lead to less consumption, investment, less scope to buffer the economy from future shocks, less risk taking in the economy and so forth?\u201d he asked. <\/p>\n<p>Even before COVID-19, there were serious structural problems including the headwinds associated with the aging demographics, and already high debt levels. \u201cWe entered this episode at a place I was describing as a pleasant mediocrity, a comfortable lackluster pace. And now we have some more structural problems on top of it.\u201d<\/p>\n<p>Anne Walsh, chief investment officer, fixed income at Guggenheim, asked whether debt solves the problem anymore. \u201cAnd the short answer is probably no,\u201d she said. What you end up with is money going into financial assets and companies that can get access to that capital. \u201cAnd then there\u2019s this sort of other part of the economy that is not able to get access to that capital, and it\u2019s defaulting,\u201d she said. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Walsh said the current relief isn\u2019t allowing for the \u201ccreative destruction\u201d as in prior cycles. \u201cNow it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears that the policy makers don\u2019t want to allow this system to purge itself and to lead into these new productive uses of, say for example, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> solutions like artificial intelligence.\u201d<\/p>\n<p>Walsh added that investors are still getting a little bit \u2014 \u201cand I mean, a very little bit\u201d \u2014 of compensation for risk. \u201cNominal yields below 3% across the entire credit spectrum doesn\u2019t excite many of my players, I can tell you,\u201d she said.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Steve Goldstein\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Steve_Goldstein\"><\/span>Steve Goldstein<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener noreferrer\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21004575-02D4-D4B5-4572-D7FF7430A51A%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Scars are going to endure, strategists say, as expectations for 2021 deteriorate &#8221; A pedestrian wearing a face mask as a precaution against the transmission of the new coronavirus walks past a boarded up office space in east London on October 13, 2020. justin tallis\/Agence France-Presse\/Getty Images The International Monetary Fund on Tuesday scaled&#8230;<\/p>\n","protected":false},"author":1,"featured_media":88307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-88306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/88306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=88306"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/88306\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/88307"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=88306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=88306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=88306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}