Comment: Pandemic will leave global economy with deep scars

Even in the best-case scenario, Covid-19’s impact on business and governments will be felt long after the virus has receded, but new opportunities will also arise

The coronavirus could prove more stubborn than expected, and the first-generation vaccines may be effective only for a short period or have worse-than-anticipated side effects. Picture: Getty

The next few months will tell us a lot about the shape of the coming global recovery. Despite ebullient stock markets, uncertainty about Covid-19 pervades. Regardless of the pandemic’s course, therefore, the world’s struggle with the virus so far is likely to affect growth, employment and politics for a very long time.

Let’s start with the possible good news. In an optimistic scenario, regulators will have approved at least two leading first-generation Covid-19 vaccines by ...