However, this was followed by an equally swift recovery as equity markets rebounded, house prices rose and governments stepped in to support economies.

So investors probably shouldn't look for a swift recovery in their poleaxed portfolios.

Its assumptions were predicated, however, on a three-month lockdown followed by a swift recovery.

As your esteemed correspondent points out, the components for a swift recovery are in place - low oil prices, low inflation and low interest rates.

Taken together, the latest findings have dashed any hopes of a swift recovery from the malaise affecting the economy.