“We are in an [economic] recovery until proven otherwise,” Samy Chaar, chief economist at Lombard Odier has said.

Speaking at a webinar hosted by the private bank, he said that with efficient vaccination programmes and substantial government support, this recovery has legs.

But, like all recoveries, there are “inherent fragilities and there will be bumps in the road.” We should expect some volatility along the way, Mr Chaar warned.

Of course, there is also a risk that the pandemic could worsen again.

In terms of overall strategy, Mr Chaar said that “Covid-19 didn’t necessarily change anyt...