In this context the V symbolises more than just the letter than comes before W. It’s a measure used by economists when projecting recovery patterns following a recession. V shape suggests a sharp economic declined followed by a quick sustained recovery.
At the start of the Covid-19 outbreak most people assumed the economic impact would be minimal, and that things would return to normal as soon as restrictions were lifted. However the prolonged lockdown has caused more uncertainty than envisaged, and as a result we could potentially see an L shape recovery.
An L shape recovery is where an economy declines and stays in a slump for a prolonged period . What ever our recovery pattern we still don’t know the full impact of the damage Covid-19 has caused.