Answer:

Beyond its unprecedented health and social implications, COVID-19 has had catastrophic effects on the global economy.

Between January and March 2020, the world economy contracted by 12 per cent. In response to this economic crisis, G20 governments have pledged more than $5 trillion in relief and stability initiatives. Either directly or indirectly, every country, institution, industry, sector, business, individual — and all aspects of the global economy — are negatively impacted by COVID-19.

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