Mohamed El-Erian, co-CEO and co-chief investment officer of Pimco, says the economic situation will improve only if both the private and the public sectors shift their thinking. Instead of the goal being a return to "business as usual," a different direction needs to be established. "It is time to suspend unquestioned faith in a quick return to the past and adjust to the reality of change," Mr. El-Erian writes.

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