More conviction could be had from unofficial, high frequency data which suggested that the worst after the outbreak of COVID-19 may be over. For example, Google mobility data indicated that activity in workplace was picking up, and industrial metals stabilized in price. However the recovery of the economy was not like a light switch which could be simply turned off and on. The leisure, hospitality and travel sectors were shock seriously form the social distancing and tighter border controls. In some areas, spending habits won’t return for some time due to the weak employment data. From a corporate perspective, the uncertainty of recovery weighed on investment and following the sharp increase in debt. A period of de-leveraging form firms was under expectation, which would lead to reduction over spending on new equipment and technology. As a whole, the recovery should be gradual as households and firms remain cautious.