With the UK facing the prospect of the sharpest drop in economic activity for more than 300 years, now seems a challenging time to be searching for growth.
GDP is of course a lagging indicator, however, and the real question for investors is how much is already in the price. On this basis, there is cause for some optimism.
The UK market currently trades on a cyclically-adjusted P/E ratio of about 13x, less than half that of the US at roughly 27x.
The main issue for markets, of course, remains the nature of the continued spread of Covid-19. So far, the country has seen a stubbornly high rate of new case growth relative to other European nations, but we may have already seen the peak as lockdown measures begin to ease.
A clear positive has been the UK policy response. Within the space of a few hours, the Treasury and Bank of England announced aggressive stimulus measures including new loans, grants, rate cuts and further quantitative easing.
While there have been similar aggressive responses across the globe, this sort of coordinated monetary and fiscal action has so far proven to be more problematic elsewhere, particularly in the eurozone.
European politics is also set to have an impact on markets again this year as the deadline for extending the Brexit transition period approaches.
With the UK Government currently unwilling to contemplate any delay, that leaves the possibility open for a hard Brexit on 31 December as trade negotiations have understandably taken a back seat during the pandemic.
It could even be said that the immediate economic consequences of a hard Brexit no longer seem as stark as they once did in light of the extraordinary global recession already now expected.
Such uncertainty probably means that some level of discount is still justified for UK equities, but we may be at that point already.
While the so-called "Boris Bounce" proved short-lived, Britain at least has a stable majority government with coherent objectives - a significant change from recent times.
Longer term, the current level for UK equities may indeed prove to be an attractive entry point.
Robert White is senior analyst at Momentum Global Investment Management
• Impressive co-ordinated fiscal and monetary policy response, so far
• Equity valuations still look relatively attractive
• Political stability has improved
• Uncertainties around Brexit remain with important deadlines approaching
• The economy has been hit hard by the pandemic and remains vulnerable to any second wave
• The UK market has significant exposure to Financial and Energy sectors, both of which are facing challenges