It looks as though many countries around the world have recovered (somewhat) from the pandemic. At least from the lens of an economist they have bounced back. The US economy rebounded 12% in the second quarter of 2021. China grew 7.9% in the same period, though this was appreciably slower than the 18.3% jump in the first quarter. The Eurozone expanded 13.6% in the second three months of the year, after five consecutive quarters of contraction. So, it seems the main engines of global economic growth, namely, the US, China, and the Eurozone have returned to where they were before COVID-19 struck. Here in Singapore, the economy expanded 14.7% in the second quarter, whilst our nearest neighbours, Malaysia, grew 16.1% over the same period. Many observers are delighted with the recovery. But that got me thinking. What exactly does a return to normal really mean? It could mean that economic growth in the US could continue to slow, just as it had done before the pandemic. It could mean that economic expansion in China could continue to moderate, in much...