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Five years on, the economic impact of COVID-19 lingers
After countries borrowed money to protect welfare and livelihoods, global government debt has risen by 12 percentage points since 2020, with steeper increases seen in emerging markets.
People walk at the tourism site of Qianmen street, in Beijing, China March 14, 2023. REUTERS/Tingshu Wang/File Photo / Reuters
Five years after the World Health Organization first described the COVID-19 coronavirus outbreak as a pandemic, its effects are still being felt on the global economy.
COVID-19 and efforts to contain it triggered record government debt, hit labour markets and shifted consumer behaviour. Inequality has increased, while remote work, digital payments and changes in travel patterns have endured.
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