Dealing with COVID-19 remains an uphill slog. However, markets have demonstrated a mixture of confidence and belief. But a V-shaped recovery is not expected. For an investor, this means being realistic about return expectations while being aware of the long-term issues underpinning markets. Inside this report we look at the economic outlook as global economies try to get back on their feet. It is also a good time to understand why strategic asset allocation and ESG investment are central to the ascent.