The worst appears to be over, post-COVID. In Fathom’s latest Global Outlook, Spring 2024, our central scenario argues that although confidence remains lower than usual, it is on the rise across the US, EA and UK, as shown in the chart below. In short, we conclude that things look to be on the up. But there is an exception to that finding. This note explores why China is not joining in with the spreading mood of economic optimism…