When coronavirus spread beyond Wuhan, economies crashed in unison. Around the world, output sank at a scale not witnessed in peacetime. Since then an aggressive fiscal and monetary response — and successful containment of the virus in several east Asian economies, including China — has meant that the prognosis now is no longer as bleak as some had feared earlier in the year. The IMF said in its World Economic Outlook, which was released on Tuesday, that the global economy will shrink by 4.4 per cent this year — an awful figure, but not quite as bad as the 5.2 per cent decline forecast in June. The prospects of recovery, however, are far from even.
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