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Long-term impacts of Covid-19 will be spread unevenly

We expect the long-term hit to GDP from the Covid-19 pandemic for emerging markets (-3.8%) to be more than double that of developed markets (-1.5%) despite both incurring a similar sized hit in 2020. The difference is partly explained by many EMs facing less fiscal support, longer or tighter restrictions on activity and a greater worsening of financial conditions than DMs.

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