The media headlines have focused on the record-breaking 9.9% decline in annual GDP in 2020, but the rise in GDP in Q4, despite the COVID-19 lockdown in November and restrictions in December, is further evidence that the economy has built up some immunity to lockdowns. And even though the third COVID-19 lockdown means that the economy will almost certainly take another step down in January, a technical double-dip recession has now been avoided and GDP should rebound sharply in the second half of 2021.
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