Just as some patients recovering from Covid-19 suffer long-lasting symptoms, it’s becoming clear that the same will be true for the global economy once this year’s V-shaped rebound fades. While $26 trillion worth of crisis support and the arrival of vaccines have fueled a faster recovery than many anticipated, the legacies of stunted education, the destruction of jobs, war-era levels of debt and widening inequalities between races, genders, generations and geographies will leave lasting scars, most of them in the poorest nations. “It’s very easy after a gruelling year or more to feel really relieved that things are back on track,” said Vellore Arthi of the University of California, Irvine, who has examined the long-term health and economic hit from past crises. “But a lot of the effects that we see historically are often for decades and are not easily addressed.”
Covid Will Leave Deep Scars in World Economy Even After Recovery
Bloomberg 4 hrs ago
(Bloomberg)
Just as some patients recovering from Covid-19 suffer long-lasting symptoms, it’s becoming clear that the same will be true for the global economy once this year’s V-shaped rebound fades.
While $26 trillion worth of crisis support and the arrival of vaccines have fueled a faster recovery than many anticipated, the legacies of stunted education, the destruction of jobs, war-era levels of debt and widening inequalities between races, genders, generations and geographies will leave lasting scars, most of them in the poorest nations.
“It’s very easy after a gruelling year or more to feel really relieved that things are back on track,” said Vellore Arthi of the University of California, Irvine, who has examined the long-term health and economic hit from past crises. “But a lot of the effects that we see historically are often for decades and are not easily addressed.
Covid will leave deep scars in world economy even after recovery indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
ECB Debates How to Get Back to the Future After Virus: Eco Week
Bloomberg 3 hrs ago Craig Stirling
(Bloomberg) Europe’s late but accelerating vaccination push is allowing monetary officials to begin pondering an economic future free of the curse of the coronavirus.
While European Central Bank policy makers will reiterate existing emergency stimulus settings with a horizon of March 2022 when they meet by video this week, the step-up in immunizations across the region has emboldened some of them to start a public discussion on what might happen when the pandemic no longer menaces the euro region.
There’s a spectrum of views on that outlook. Dutch central bank Governor Klaas Knot favors tapering crisis bond purchases as soon as the third quarter, while his French colleague, Francois Villeroy de Galhau, cites March as a possible end date. President Christine Lagarde reckons monetary support will be needed “well into the recovery.”