Economic uncertainty - we are not returning to normal

Stephen King argues in this short comment piece that economic uncertainties remain pervasive.

He writes that "the pandemic has reshaped economic and social conditions in ways that have only added to uncertainty.."

How temporary will be the surge in inflation being seen in the USA and expected in the UK? What might be some of the consequences of the large outflow of migrant labour from the UK which by some estimates has exceeded over a million workers over the last fifteen months?

Add this to deep uncertainties over future mutations of the covid virus and the extent to which booster jabs will be needed to keep the NHS from being over-loaded in the autumn and winter that lies ahead.

An understanding of the importance of economic uncertainty is crucial to the building blocks of macroeconomics covered in Years 12 and 13 of A Level and IB courses. It makes macro policy-making difficult and naturally impacts on the output, investment and hiring decisions of businesses