The Economist How covid-19 is reordering the global economy

From: The Economist - Thursday Oct 08, 2020 06:01 pm

The Economist

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October 8TH 2020

The Economist this week

Highlights from the latest issue

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We have two covers this week. In Asia we look ahead to the monster listing of Ant Group, China’s largest fintech firm, in Hong Kong and Shanghai. Measured by cash raised, it will probably be the biggest initial public offering in history. Once listed, Ant, formed in 2004, could have a similar value to JPMorgan Chase, the world’s biggest bank, which traces its roots to 1799. Ant’s rise worries hawks in the White House and enthralls global investors. It also portends a bigger transformation of how the financial system works—not just in China but around the world.

In our other editions we look at the economic consequences of the pandemic. In February covid-19 struck the world economy with the biggest shock since the second world war. Lockdowns and a slump in consumer spending led to a labour-market implosion in which the equivalent of nearly 500m full-time jobs disappeared almost overnight. The crash was synchronised, but during the recovery the spread of growth rates across 50 economies has grown to its widest for at least 40 years. We sort through the winners and losers.

Zanny Minton Beddoes
Editor-In-Chief

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The world this week

Donald Trump’s doctors were keeping a close eye on their patient, after the 74-year-old president checked out of hospital just three days after being admitted for treatment for covid-19. Around 20 other people in Mr Trump’s circle have also tested positive, including his wife, Melania, Stephen Miller, an adviser, and Chris Christie, a former governor who helped Mr Trump prepare for his first debate. The president described catching the virus as a “blessing from God”. The Commission on Presidential Debates said that the next debate between Mr Trump and Joe Biden should be held virtually.

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More from politics this week

The IMF urged governments in rich countries to step up spending on investment, pointing out that, even before covid-19, public-investment-to-gdp ratios were declining. The rates of return from spending on adaptation to climate change in particular are often greater than 100%, it said. Meanwhile, Kristalina Georgieva, the IMF’s managing director, described the path to economic recovery after the pandemic as “the long ascent—a difficult climb that will be long, uneven and uncertain. And prone to setbacks.”

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