关于过去完成时的一道题目，请教大家

kellyfx

According to some analysts, the gains in the stock market reflect growing confidence that the economy will avoid the recession that many had feared earlier in the year and instead come in for a "soft landing", followed by a gradual increase in business activity.
此处为什么用过去完成时many had feared earlier in the year?不是说过去完成时时为了表示过去的过去吗？必须有过去时与之对比才行？
烦请大家给解释一下。多谢！

sisichen666

根据逻辑意思来判断“根据一些分析家所说，股市有收益反映了复苏的信心，即经济避免了今年早期所担心的衰退并会软着陆。”这里过去完成时表示在今年早期之前的时间都是很担心，到了今年早期就不再担心。

kellyfx

谢谢你的回复