Candriam Chief Economist Anton Brender and Global Head of Economic Research Florence Pisani examine the visible and invisible issues facing global economies and question the rate at which they are progressing towards an exit to the Covid-19 crisis. What household spending behaviour trends are expected following the relaxation of the lockdown period? To what extent has the economic fabric deteriorated? How are companies anticipating a recovery when, both in the US and in Europe, losses could be as large as 15 - 30% of their capex budgets?