John Fahey: Recovery remains fraught with challenges and downside risks

Passengers wearing face masks as they arrive at Heathrow Airport after a flight from Dubrovnik, Croatia, landed. File picture

The data for the global economy over the last number of months have shown that activity levels have rebounded and the recession appears to have been largely confined to the first half of the year. 

Indeed, there were already signs emerging of a bounceback in activity in May and June as the Covid-19 lockdown restrictions started to be unwound allowing economies to gradually reopen.