Contemporary World Quarterly No.1,2021
COVID-19 and world economic situation
ZHANG YUYAN
The global spread of the COVID-19 pandemic has severely impacted the world economy in 2020, and there are evident regional differences in degree of the impact, as governments or economies have all taken unprecedented countermeasures but produced results varying in degree. At the same time as fragile and unbalanced recovery happens to the global economy, post-financial crisis issues such as low growth, low interest rates, low inflation and high debts, and high assets prices and high income gap have been exacerbated further. Uncertainties conceived in the epidemic evolution, tenacity and policy trend of major economies and their spillover effect, and the development trend of global and regional economic governance, and competition and cooperation between major powers will, to a certain extent, decide on the fundamentals of the world economy in 2021.