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• US: The recovery in economic activity has continued, but the ongoing pandemic will create short term headwinds• UK: The current national lockdown will delay the commencement of a sustained recovery in the UK economy• Euro Zone: The re-imposition of lockdowns means the likelihood of a ‘double dip’ recession is high• China: Economic activity has rebounded strongly driven by government spending and a pick-up in household consumption• Japan: The recent resurgence in coronavirus cases weakens the short-term outlook• Australia: An economic recovery is underway led by a rebound in household consumption• New Zealand: While economic activity is recovering, some major headwinds remain