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Global economic downturn now, pushing 60 million people into poverty and risking a world war due to rising nationalism

Reinhart, September/October 2020, CARMEN REINHART is Minos A. Zombanakis Professor of the International Financial System at the Harvard Kennedy School. Subsequent to the completion of this article, she was named Chief Economist at the World Bank.VINCENT REINHART is Chief Economist and Macro Strategist at Mellon, The Pandemic Depression, Foreign Affairs,

The COVID-19 pandemic poses a once-in-a-generation threat to the world’s population. Although this is not the first disease outbreak to spread around the globe, it is the first one that governments have so fiercely combated. Mitigation efforts—including lockdowns and travel bans—have attempted to slow the rate of infections to conserve available medical resources. To fund these and other public health measures, governments around the world have deployed economic firepower on a scale rarely seen before. Although dubbed a “global financial crisis,” the downturn that began in 2008 was largely a banking crisis in 11 advanced economies. Supported by double-digit growth in China, high commodity prices, and lean balance sheets, emerging markets

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