No one could have predicted last December that a
then-unknown virus would bring the global economy
to a standstill—or that it would morph into a global
pandemic that would claim more than 200,000 lives in
the span of just a few months. As COVID-19 continues
to ravage the global economy, leaving no market
unscathed, much uncertainty remains. The total cost
of the virus’s devastation, in human and economic
terms, will not come into focus for some time. A host
of concurrent shocks, from continued energy market
volatility to extraordinary food shortages, are among
the myriad looming challenges.

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