The outlook for the UK has often been described by economists as 'unusually uncertain' over the past year, and I have normally had some sympathy with this position.
Forecasting is complicated at the best of times, and particularly so when the trading relationship with the UK's closest economic partner is upended in the middle of a global pandemic.
As a result, it was unsurprising to see the Bank of England return to this familiar refrain about uncertainty to describe the outlook at its last meeting.
Of course, the path ahead for Covid-19 remains unpredictable even a year into the pandemic and downside risks will need to be carefully monitored for some time.
Yet on the assumption that vaccines will succeed in breaking the link between higher levels of activity and higher numbers of infections, there is reason to believe the momentum behind the UK's recovery is strengthening.
As restrictions on activity begin to ease, a healthy buffer of accumulated savings should drive a boom in spending as consumers make up for lost time.
Our calculations estimate that UK households saved more in 2020 than they did in 2018 and 2019 combined, and after a long winter of lockdown, we expect activity to rebound like a coiled spring.
Flash PMIs for March offered an early look at what may be to come, with business expectations surging to their highest level in almost a decade.
Fiscal stimulus is to thank for the strength of household balance sheets. The hole in the country's finances will have to be addressed eventually, but the Chancellor was quite right to keep the emphasis for the time being tilted towards spending in the recent budget.
It was also encouraging to see attention being paid to some of the UK's longer-term issues - most notably the chronic lack of investment in recent years - via measures such as the 'super deduction'.
How does this positive economic view translate into the outlook for UK equities? The recovery bodes especially well for small and mid caps, which are generally more sensitive to domestic activity.
Companies in the leisure and retail sectors in particular look well placed to benefit from an acceleration in consumer spending.
With about 80% of UK large-cap revenues generated overseas, global factors are often just as important as the domestic outlook for the FTSE 100.
Here, there are also reasons for encouragement. US policymakers appear to have abandoned all fears of debt and deficits, and yet another gargantuan stimulus bill will have positive spillover effects around the world.
The UK's sector composition should help the market to benefit from a continuation of the global rotation between the pandemic's winners and losers.
This move began last November when vaccines were first declared effective, and rising government bond yields are adding further fuel to the rally in more economically sensitive areas such as financials.
The bounce since November has been impressive, but further upside for earnings estimates in cyclical sectors leaves more room for this rotation to run.
Industry flows also provide early signs of a turn in investor optimism after an eight month streak of outflows from UK equity funds was finally broken in February, according to the Calastone Fund Flow Index.
The political environment may be playing a role. It will take several years for the full economic impact of the Brexit deal to emerge, but at a minimum, the international investment community now arguably has greater clarity on the UK political outlook than at any point since the run-up to the 2016 referendum.
In sum, I do not envy the economic forecasters - this has been a tumultuous period, and there are doubtless more twists and turns to come. Yet for investors, decisions are never made without incorporating some element of uncertainty.
With a difficult winter hopefully now behind us, I believe that there are many reasons to be cheerful about the UK's recovery ahead.
Hugh Gimber is global market strategist at J.P. Morgan Asset Management