The peak of economic shock resulted from the first wave of COVID-19 has already passed in many countries, and currently, the focus of economic policy is shifting towards recovery. In the context of a gradual resumption of business activity and stabilization in financial markets, the authorities...

In Q3 2020, the pace of economic recovery in many countries turned out to be higher than expected. However, this growth only in part offset the deep recession that had been observed in Q2. In the majority of countries, output is well below its pre-crisis levels. The “second wave” of the...