Today, there is no doubt about the devastating effect of the Covid-19 on human life and the economy.
A globalised, integrated world brings benefits, but also vulnerabilities – consider just the sheer speed with which the virus has spread and the more than 650 000 lives already lost. Every life lost is a tragedy, for the family and the community.
Yesterday the world’s largest economy, the United States, reported a 33% fall in economic output. This is unprecedented; the greatest quarterly decline in US records. The Bank of England has said the UK is likely to have the deepest recession in 300 years. China is expected to have the lowest growth since the death of Mao Zedong. Across the world, the impact of the virus is harsh.