The world economy is witnessing a $600bn-a-year shift in behaviour
|San Francisco|4 min read
In some ways covid-19 was a blip. After soaring in 2020, unemployment across the rich world quickly dropped to pre-pandemic lows. Countries re-attained their pre-covid gdp in short order. And yet, more than two years after lockdowns were lifted, at least one change is enduring: consumer habits across the rich world have shifted decisively, and perhaps permanently. Welcome to the age of the hermit.
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This article appeared in the Finance & economics section of the print edition under the headline “Apart, together”
From the October 28th 2023 edition
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