That's a very interesting question. I think the fundamental reason why we are not in the same position coming out of COVID-19 as we were coming out of World War II is the demographic structure.
Coming out of World War II, the population was much younger and the baby boom was about to start, leading to a long period of growth. Coming out of COVID-19, we have a much older population, with fewer working-age individuals. I'm not sure that we'll see a baby boom. Maybe we'll see a divorce boom, depending who you are confined with, but I certainly don't see a baby boom to the same extent that we had in World War II. For that reason, I'm not sure that we should expect the same level of government surpluses that we had at the end of World War II.
That being said, will we be coming out of this stronger? I certainly hope so. I am optimistic that we will be coming out of this stronger. It's outside of the mandate of the PBO, but there will be more social cohesion, I think. It will have bound people together. Spending months together with your kids and spouse certainly strengthens these bonds. It sometimes cuts them for good, but in many cases it will have strengthened them. Some businesses will go under, which is very sad, but, like a wildfire, there are things that bloom after a fire. New businesses will emerge out of that economically and socially very sad period.
I am optimistic overall that in a few months—maybe years—we will have a very strong country, but it will come at a price that some of our colleagues and citizens will pay, and it will be dear.