In the year of the plague, the road back to recovery is looking bumpy

US GDP figures mask several difficulties – and the outlook for the eurozone is bleak

Never in its history has the United States seen anything like it. The world’s biggest economy grew at an annualised rate of just over 33% in the three months ending in September. The eurozone will break all records when it reports GDP figures tomorrow, as will the UK when the Office for National Statistics publishes its third-quarter data next month.

In normal times, booming economies would mean soaring share prices, with the bullish mood tempered perhaps by a bit of concern that central banks might put an end to the party by raising interest rates.

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