The COVID-19 pandemic has pushed debt levels to new heights. Compared to end-2019, average 2021 debt ratios are projected to rise by 20 percent of GDP in advanced economies, 10 percent of GDP in emerging market economies, and about 7 percent in low-income-countries. […]
The economic impact of the COVID-19 pandemic on emerging market economies far exceeded that of the global financial crisis. Unlike previous crises, the response has been decisive just like in advanced economies. […]
I have been saying for a while that this is a “crisis like no other.” It is:
More complex, with interlinked shocks to our health and our economies that have brought our way of life to an almost complete stop;
More uncertain, as we are learning only gradually how to treat the novel virus, make containment most effective, and restart our economies; and
Truly global. Pandemics don’t respect borders, neither do the economic shocks they cause.