Global trade is poised to recover more quickly from the pandemic than it did in the wake of the 2008 financial crisis, says Germany’s Kiel Institute for the World Economy. This according to a recent Bloomberg article.

The institution’s president, Gabriel Felbermayr, said that shipping volumes have already returned to levels that took over a year to reach after the collapse of Lehman, “hinting at a V-shaped recovery.” Describing the current situation as “significantly better” than a decade ago, Felbermayr said trade has seen a “deep slump and a quick rebound.”

The article reports, however, that last month the World Trade Organization said that such recovery projections might be “overly optimistic,” adding that policymakers have warned against premature optimism that the worst is behind us since the initial rebound reflects the lifting of severe restrictions to contain the virus.

But the Kiel Institute says that “container shipping activity in key areas supported its conclusion, with ship movements in the Americas, Asia and Europe normalizing,” the article says, adding, “Freight capacity was back at levels that would be expected in late August—even without a crisis.”