The Global Economy Has a Case of ‘Long COVID’

Federal Reserve Chairman Jerome Powell appears on a monitor at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, March 17, 2022 (AP photo by Ahn Young-joon).
Federal Reserve Chairman Jerome Powell appears on a monitor at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, March 17, 2022 (AP photo by Ahn Young-joon).

One of the more concerning things about the virus that causes COVID-19 is the potential for its symptoms to linger long after the initial infection has waned. No one knows exactly what is causing “Long COVID,” as the disease is now known, but we do know that dealing with it will impose costs on societies for years to come. Not dissimilar are the pandemic’s economic and financial impacts. The initial symptoms of the crisis were acutely painful—economic downturns, business closures and supply chain disruptions. But now, as governments reopen their societies, they are realizing that some of the pandemic’s challenges may not […]

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