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

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. Hoping to solve the health crisis, governments worldwide were relying on private companies to fast-track the development and distribution of COVID-19 vaccines. Meanwhile, the global economy was experiencing the worst output crisis in decades, with a recovery that was uncertain and uneven across countries, coupled with rising concerns about the levels of debt and inflation.