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John Greenwood OBE will discuss the stimulus by governments and central banks vs the pandemic’s curtailing effect on the economy – how these forces will interplay and evolve in 2021, the implications for investment, economic activity, and inflation.

Topics: Economic ConditionsEconomic PhilosophyEconomic Policies & SystemsFinancial MarketsRisk Analysis & ManagementEconomics

Hosted by CFA Institute


  • Governments and central banks have provided unprecedented support to their economies since the onset of the pandemic.
  • However, COVID-19 is still rampant in Europe, North America, and elsewhere, leading to renewed lockdowns.
  • In view of the tensions between the stimulus injected by the authorities (the monetary and fiscal factors) and the progress of the pandemic (a real factor curtailing economic growth), investors, businesses, and consumers are asking which will dominate in 2021.
  • John Greenwood will present his overview of how these forces will evolve in 2021 and the implications for investment, economic activity, and inflation.  

1 PL

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About the Speaker(s)

John Greenwood
John Greenwood

John Greenwood is the chief economist of Invesco Ltd., where he has responsibility for providing economic analysis and forecasts for Invesco portfolio managers and clients. He started his career in 1970 as a visiting research fellow at the Bank of Japan. Mr. Greenwood subsequently served as chief economist at GT Management, which was eventually acquired by Invesco. As editor of Asian Monetary Monitor, he proposed a currency board scheme for stabilising the Hong Kong dollar in 1983. Dr. Greenwood was a director of the Hong Kong Futures Exchange Clearing Corporation and a council member of the Stock Exchange of Hong Kong. He served as an economic adviser to the Hong Kong government. In addition, Dr. Greenwood has been a member of the Committee on Currency Board Operations of the Hong Kong Monetary Authority since 1998. He is a member of the Shadow Monetary Policy Committee in England and serves on the board of the Hong Kong Association in London. Dr. Greenwood earned an MA from the University of Edinburgh and was awarded an honorary PhD by the University of Edinburgh.

Lei Shu, CFA
Lei Shu CFA

Lei Shu, CFA, is a managing director at Greensill Capital, where he provides securitization financing, investment, and structured trade solutions to Fortune 500 multinational corporations operating in China, as well as large domestic Chinese corporates. Previously, he established and ran the asset securitization business at Ping An Trust, leading the department and developing the firm’s related business strategy and policy, originating key client and regulatory relationships, and driving execution. Mr. Shu and his team delivered some of China’s most well-known and innovative securitization products, including many industry firsts. He also worked 15 years in the United States in the investment-banking and capital market business, mainly in securitization banking and principal investment. Mr. Shu spent 11 years at Bank of America Merrill Lynch as a director in the Global Markets Asset Securitization Department, where he originated and executed consumer ABS transactions for large global clients primarily in the auto, credit card, leasing, and consumer lending space. He serves as a lecturer for the master of finance degree program at the Fudan University School of Economics and the MBA program at Shanghai Jiaotong University’s Shanghai Advanced Institute of Finance.