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It is a world away from the recessionary negativity at the turn of the year, and it might just work.

He added: “A deflationary environment would be a prescription for a very weak and recessionary economy.”

In spite of recessionary pressures, more people in the West feel they can afford regular foreign trips – indeed, some see it as an essential purchase and a virtual human right.

Mr Johnson wanted to avoid recessionary headlines following one quarter's contraction, and so Okun suggested defining it as two quarters instead.

While some analysts are cautiously optimistic about the prospects of a rally, others have highlighted recessionary concerns and tepid earnings forecasts keeping sentiment subdued.