EXECUTIVE SUMMARY  4

A SEVERE RECESSION IS LEAVING DEEP SCARS 6

  A. Tentative Signs That the Worst Is Over 6

  B. Debt Has Increased Dramatically 9

  C. The Poorest Have Become Poorer in an Increasingly Unequal World 10

  D. Achieving Sustained Strong Growth Has Become More Challenging 12

URGENT: END THE CRISIS AND HEAL THE WOUNDS 14

  A. Most Economies Have Provided Sizable Macroeconomic Support 14

  B. Policy Support Must Continue till the Health Crisis Is Behind Us 17

  C. Reforms Are Vital to Minimize Scars and Lift Potential Growth 20

  D. For Durable Growth, Vulnerabilities Must Be Reduced 22

  E. Scars on the Most Vulnerable People Must Be Eliminated 23

GETTING TO STRONG AND DURABLE GROWTH REQUIRES COLLABORATION 25

  A. The Crisis Prompted Important Multilateral Action 25

  B. Ending the Pandemic Requires Joint Action 25