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A REPORT BY THE ECONOMIST INTELLIGENCE UNIT
The coronavirus pandemic is a game-changer for the global economy. The years 2020 and 2021 will be lost years for growth. The Economist Intelligence Unit only expects global GDP to recover to pre-coronavirus levels in 2022. Tackling the pandemic will require extraordinary fiscal efforts, in the light of lower fiscal revenue and much higher healthcare and social expenses. Governments in most developed countries have also concluded that an increase in public expenses, and therefore public debt levels, is preferable to the widespread destruction of productive capacity during the epidemic. As a result, public debt levels will increase sharply this year.
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