The coronavirus has spared no part of the world. But as we move into year two of the pandemic, the situation appears set to stabilise. That should encourage infrastructure investors to take a more expansive view, after playing defence for so long.

“2021 is the year everyone was waiting for,” says Luisa Cravo, deputy investment manager of Apex-Brasil, the Brazilian Trade and Investment Promotion Agency. “It marks a switch in rhythm and promises improvements in comparison to 2020 in all aspects.”

A far-safer situation for the elderly in the second quarter of 2021, and the rest of the population by year-end, will lead to a return to risk and greater volatility in the markets, predicts Société Générale’s global equity strategy team. Perhaps counterintuitively, the calming of the worst economic headwinds “will lead to much bumpier markets later in 2022,” SocGen states in a recent report identifying strategies for the next two years. Investors will be looki