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"...judging from the private sector balance sheet… 2020 looks more like a boom year than a recession."

Quote
Nikolaj Schmidt, Chief International Economist
T. Rowe Price Insights on Macroeconomics, Pleasant Recession, Unpleasant Recovery, March 2021

"Judging from the public sector balance sheet, it appears there was a deep recession last year; judging from the private sector balance sheet, however, 2020 looks more like a boom year than a recession."