It’s a sad tale of an economy devastated by the Covid-19 outbreak and the resulting lockdown, which was among the world’s longest. In the second quarter GDP shrunk about a fifth, more than any of its peers, and the country suffered its deepest recession on record.

The rate of decline was about twice that of the US, a country being hit by government incompetence, which is causing a new surge of infections that are likely to hit the economy further in the coming months...

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