The real economic recovery has yet to take place.

经济还未真正好转。

yet是带否定含义的词，打个不恰当的比喻，跟hardly,seldom差不多。

真正的经济复苏还没有发生

yet to take place表示将要发生，现在还没有到来

it means that economy has not returned to its normal palce yet.
in this sentence the word of real recovery is referred to the trace of economy recovery,not the result.

has yet to take place

看起来不像现在完成式 has yet taken place

实际经济回升方兴未艾。

实际经济复苏尚未开始

yet表示‘还’，一种用法而已，不用咬文嚼字，理解就行