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How bad is the economic damage looking—and what are the prospects for recovery?

There are things policymakers can do to minimise the permanent scarring

By Jagjit S Chadha  

The Bank of England. Photo: Dominic Lipinski/PA Wire/PA Images

Covid-19 has transformed economic prospects as rapidly as it has comprehensively. And in the main this is because lockdowns have been the tool by which governments have chosen to control the virus. World growth is not only going to stall this year but move significantly into reverse. Year-on-year growth in world income has hovered in the range of 3 to 4 per cent for three decades, and even in the worst year of the financial crisis barely crossed the zero…

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