Many economists, like Andrew Sentance for example, are declaring it a relative success that the UK economy did not shrink more during the 2nd Lockdown.
Determined to see a silver lining to every cloud, they were expecting far worse and think this sets the UK up for a big re-bound in the near future.
For me, some of the logic is poor, the second lockdown was not like the first, shops and schools were open and people were fed up with the restrictions when virus infections 'felt' low. If you fast forward to today, it is a lot more like the first lockdown.
Also, with the lockdown here set to last until vaccine escape (if achievable) we have a whole Q1 of negative growth to deal with.
The UK economy is going to be a lot smaller by the time the pandemic is over / under control. Yes there will be a big period of catch up with 10% growth for a couple of quarters, but lots of the damage is permanent along with a much higher debt to GDP ratio.
A few positives though, the share market and Sterling are already trading very low as compared to historical norms - there maybe upside in both for a while yet.
To me the big unknown for the year remains inflation - can QE keep inflation in its box forever? Maybe 2021 is when we find out.