The economic and humanitarian devastation being wrought by the Covid-19 crisis across the world is being treated by the media and policymakers as an exceptional event.

Nearly all of the public domain estimates of its potential economic impact are based on lockdown calculations of the various sectors and, in some cases, the medical costs. However, the impact of the coronavirus pandemic cannot be divorced from the existing national and international macro-economic environment. It also cannot be separated from macro-economic policy options and their potential unintended consequences...

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