The Coronavirus (COVID-19) Pandemic and the Global Economy (B)

By: Alberto F. Cavallo and Christian Godwin

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Synopsis: By December 2020, the COVID-19 pandemic had swept across the globe, creating widespread disruption in all aspects of everyday life. Almost 90 million people had been infected and nearly two million had died from the disease. By this point in the pandemic-a year since the first rumors about the novel virus began, mask-wearing and social-distancing had become routine, and millions of people were working or studying from home. Grief and anxiety were widespread due to the loss of loved ones, financial hardships, and uncertainty about when the pandemic would recede. Meanwhile, the global economy was experiencing the worst crisis in decades, with a recovery that was slow, uncertain, and uneven. By the end of the year, it was clear that the economic crisis would not end until the virus was under control. To accomplish this, governments worldwide were relying on private companies to fast-track the development and distribution of COVID-19 vaccines, hoping for a return to normalcy in 2021.