Despite Lockdown, 85% of salaries remained unchanged during the last quarter in Europe and the US, meaning saved money will be spent, and stock inventories will be replenished in the third quarter. The first wave of the global COVID-19 pandemic is sweeping South Africa and, in its wake, comes economic complexity, market uncertainty and increased lockdown anxiety. It’s easy for market and investor to become uneasy as unemployment rises and incomes remain static – not just in South Africa, but in the US and EU as well. However, in spite of limited spend and the understatement of ‘challenging times’, there remains opportunity and optimism. Paul Donovan, Chief Economist at UBS, explains the case for optimism about the economic outlook to Michael Avery