In our September Economic and Market Update we draw the following key points:

Globally, the pace of economic recovery from COVID-19 is uneven, with the US tracking at the optimistic end-of-expectations but economies such as the UK lagging behind Vanguard's mid-year forecasts.
Economic growth in the US has returned at a quicker-than-expected rate partly as a result of less-stringent lockdowns helping to boost the near-term economic outlook. Longer-term, Vanguard continues to expect US economic growth won't return to pre-COVID levels until the end of 2021.
There are signs international trade is picking-up after the lows of May and June with China as a stand-out in global trade. China's export position has benefited from its dominance in the global production for COVID-related products such as protective gear, pharmaceuticals and office equipment.
Global monetary policy is expected to remain loose throughout 2020 and well into 2021, with the risks skewed towards further easing.