Weekly Economic Perspectives: COVID-19 Kills Global Growth
Global Macro Policy Quarterly
Economic Progress Scrutinized As Covid Crisis Exposes Inequalities
Whew…what a half-year! The COVID Crisis has exposed underlying inequalities and revealed insecurities, despite emerging after the longest expansionary business cycle of 128 months. Unprecedented GDP declines, locked in consumers and locked out workers, sectoral shutdowns (travel, hospitality, recreation, transportation etc.), and high unemployment have characterized the past quarter. The geopolitics of oil (OPEC+ disagreements) and the re-ignited US-China trade war drove global aggregate uncertainty higher than ever before. Economic inequality and racial discrimination were headlined after the tragic death of George Floyd that galvanized many to global protests.