Just as some patients recovering from COVID-19 suffer long-lasting symptoms, it¡¯s becoming clear that the same will be true for the global economy once this year¡¯s V-shaped rebound fades.
While $26 trillion worth of crisis support and the arrival of vaccines have fueled a faster recovery than many anticipated, the legacies of stunted education, the destruction of jobs, war-era levels of debt and widening inequalities between races, genders, generations and geographies will leave lasting scars, most of them in the poorest nations.
¡°It¡¯s very easy after a grueling year or more to feel really relieved that things are back on track,¡± said Vellore Arthi of the University of California, Irvine, who has examined the long-term health and economic hit from past crises. ¡°But a lot of the effects that we see historically are often for decades and are not easily addressed.¡±
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